#Tether Operations, the issuer of the world’s biggest dollar-pegged stablecoin, will launch a new token backed by the British Pound Sterling this coming July,
The development follows #Tether’s recent roll-out of #MXNT, a crypto asset pegged to the #Mexican peso.
According to a corporate statement released on Thursday, the stablecoin (GBPT) would first be supported on the #Ethereum network.
The stablecoin will have a 1:1 peg to the British Pound Sterling in an effort to make asset transactions faster and more inexpensive.
Tether is notable for its stablecoin pegged to the #US dollar, #USDT, though the crypto company’s lack of transparency regarding the #USD reserve that backs the #USDT continues to generate considerable controversy.
Nevertheless, #Tether proceeded to expand its products, introducing additional stablecoins linked to the euro, #Mexican peso, and #Chinese yuan.
Tether Links Up With British Pound
When used as a safe haven for crypto traders, #GBPT will be an #Ethereum-based ERC-20 coin that can be easily integrated into #wallets, #exchanges, and other smart contracts for use.
#USDT is the biggest stablecoin with a market #capitalization of almost $69 billion, and the #Polygon network has launched the project. ver 12 billion #USDT have been taken from circulation during the past two months.
#Stablecoins are #cryptocurrencies that are designed to be redeemed for a predetermined amount of a less volatile monetary product, such as fiat cash. These coins are intended to give #optimizations and utility to blockchain payments that are now available with traditional currencies.
UK Regulators Give Tether Some Love
According to the release, #GBPT will be developed by the team of engineers responsible for Tether #USDT and will operate under #Tether.to:
“#Tether is ready and eager to collaborate with U.K. regulators to make this objective a reality, and the company anticipates the continued acceptance of Tether #stablecoins.”
The company emphasized that its decision to introduce a #GBP-pegged stablecoin was prompted by the #UnitedKingdom Treasury’s goal to transform the country into a cryptocurrency hotspot.
The launch of the #Sterling stablecoin coincides with significant losses in the overall #cryptocurrency market, which have caused #crypto companies to lose billions of dollars worth of virtual assets.
While #European Union legislators are in the midst of establishing guidelines for stablecoin issuers, British officials have not yet determined whether to launch a digital counterpart of the British pound.
However, the government is apparently investigating the use cases and risks associated with proceeding. In addition, the Bank of England established a new unit devoted to researching a central bank digital currency.
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