The largest stablecoin company by market capitalisation, Tether, has announced the creation of a new stablecoin (GBPT). Tying it to the value of British sterling.
According to the company, the Ethereum blockchain network will support the stablecoin (GBPT) first.
Stablecoins are cryptocurrencies pegged to the value of another fiat currency or exchange-traded commodities such as gold or precious metals. Furthermore, traders consider them efficient in making payments in comparison to the high volatility of Bitcoin (BTC) and altcoins (ALT).
This new GBPT stablecoin will be the fifth fiat-pegged stablecoin from Tether. Hence, joining the U.S. dollar-pegged USDT, euro-pegged EURT, Chinese Yuan-pegged CHNT, and Mexican peso-pegged MXNT.
This move comes after the U.K. Treasury announcement in April that it wants to make the country a global Crypto-hub. Additionally, the U.K. government has also said it will take steps to make stablecoins a valid and legal tender.
“The creation of GBPT will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers,” Tether said.
According to the Official Tether blog, GBPT will be a stable digital asset that will operate under Tether.to. Tying it 1:1 to the British Pound Sterling. In Particular, the company also said that the same group of technical developers who are developing GBPT are the same ones who develop the famous Tether USD.
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Additionally, in a statement, Paolo Ardoino, CTO of Tether, said: “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 with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.”
Back in April, Chancellor Rishi Sunak set out a raft of plans “to make the UK a global hub for crypto asset technology”.
The Chancellor said stablecoins would one day be accepted in the UK. Furthermore the government has set up a new group to engage with the crypto industry. So in a “sandbox” startups can innovate under the watchful eye of regulators to speed acceptance was also announced. Additionally, the Royal Mint being told to make a non-fungible token (NFT) in a symbolic move.
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