Cryptocurrency

Tether To Launch Stablecoin Backed by GBP

The token is set to launch in early July and will initially be supported by the Ethereum blockchain.

Cryptocurrency

Tether To Launch Stablecoin Backed by GBP

The token is set to launch in early July and will initially be supported by the Ethereum blockchain.

Tether is set to launch a new stablecoin (GBP₮) backed by the British Pound Sterling. Initial blockchain support for the token will be provided by the Ethereum network.

Tether currently powers the largest stablecoin by market capitalization (USD₮) at over $68 billion USD. Its newest GBP₮ token is set to go live by July.

The new token will be the fourth in Tether’s lineup of fiat-backed cryptocurrencies, joining USD-pegged USD₮, Euro-pegged EUR₮, offshore Chinese Yuan-pegged CNH₮, and recently launched MXN₮, the Mexican Peso-pegged stablecoin.

“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets,” said Paolo Ardoino, CTO of Tether, adding that “Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.”

The announcement of GBP₮ comes just a few months after The UK Treasury shared plans to make the country a global crypto hub. In a press release on its website, the Treasury said that there are plans to see stablecoins become a recognized and valid form of payment.

In recent months, stablecoins, algorithmic and fiat-based, have been a hot topic of discussion. Due to the collapse of the Terra Luna ecosystem, there has been an increased call for regulation — even still, the adoption and creation of new tokens within the asset class has not slowed down.

In other news, the University of Cincinnati is set to launch two cryptocurrency programs.

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