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Tether reveals stablecoin plans for GB Pound

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The second quarter of 2024 has been off to a rocky start for crypto. Currently, down around 20% from Bitcoin’s $73,700 high, the market has been hurting from threats of world war three, sustained US inflation and what seems like an onslaught of attacks from the US government. One crypto company in particular will be missing Q1 after they just released details of its incredible performance. 
The second quarter of 2024 has been off to a rocky start for crypto. Currently, down around 20% from Bitcoin’s $73,700 high, the market has been hurting from threats of world war three, sustained US inflation and what seems like an onslaught of attacks from the US government. One crypto company in particular will be missing Q1 after they just released details of its incredible performance. 

British Virgin Islands-based Tether has revealed it will launch a British Pound Sterling form of its stablecoin.

Ticketed as GBPT, the token will be pegged to the pound when released next month.

GBPT will be Tether’s fifth pegged stablecoin. It recently launch MXNT pegged to the Mexican Peso.

Its line-up also includes the EURT which is attached to the Euro, China’s Yuan-pegged CNHT, and the highly popular USDT – its most widely-used stablecoin pegged to the US dollar.

“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.

“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.

“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.”