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Usha Yadav
Jun 22, 2022
by Usha Yadav

Tether is Set to Launch a New Stablecoin Pegged to the British Pound

Tether stablecoin

Table of contents

  1. Tether Offers Fiat-Pegged Stablecoins
Tether will introduce a new stablecoin linked to the British pound, in the upcoming month - July. The stablecoin, known as GBPT, will initially be accessible on the Ethereum blockchain, according to a statement released by Tether today. After the US dollar-pegged USDT, euro-pegged EURT, offshore Chinese yuan-pegged CNHT, and the recently announced Mexican peso-pegged MXNT, this is Tether's fifth fiat-pegged stablecoin.

 

Tether CTO Paolo Ardoino said in the statement,

"We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets,"
"We hope to help lead this innovation by providing cryptocurrency users worldwide access to a GBP-denominated stablecoin issued by the largest stablecoin issuer."

Tether Offers Fiat-Pegged Stablecoins

Although Tether offers several fiat-pegged stablecoins, USDT is still the most widely used. However, recent panic over the demise of algorithmic stablecoin TerraUSD (UST) and the broader market slump has resulted in massive redemptions. The debut of Tether's GBPT coincides with a decline in market capitalization for its primary stablecoin, USDT, to levels below $70 billion for the first time since October 2021. In May 2022, the stablecoin's value surpassed $80 billion.

The continued market downturn and unpredictability around stablecoins, brought on by the failure of algorithmic stablecoins like Terra USD, contributed to Tether's declining market cap. Asset-backed stablecoins, like Tether tokens, are fully backed by cash or currency equivalents like bank deposits, Treasury bills, and other assets, in contrast to algorithmic stablecoins.

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Tether is Set to Launch a New Stablecoin Pegged to the British Pound
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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