Stablecoin issuer Tether Operations Limited (“Tether”) has announced plans to launch Tether tokens ("GBP") pegged to the British Pound Sterling in early July.
"GBP will join four other fiat-currency pegged tokens Tether has in the market: the US dollar-pegged USD, the Euro-pegged EUR, the offshore Chinese Yuan-pegged CNH, as well as the recently launched MXN, the Mexican Peso-pegged stablecoin," Tether said in a blog.
The pound-pegged coin is called GBP (GBPT), and will initially live on the Ethereum (ETH) blockchain, Tether’s announcement said.
Tether operates the blockchain-enabled platform tether.to which powers the largest stablecoin by market capitalization of over US$68 billion.
This move comes following The UK Treasury's plan in April to make the country a global crypto hub. The UK government has also announced moves to make stablecoins recognized as a valid form of payment.
"The creation of GBP will put British Pounds on the blockchain and provide a faster, less costly...
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