The new token will be pegged on the 1:1 ratio to the GBPT.
On June 22nd, Tether, one of the biggest stablecoin companies in the world, announced that it would launch a new GBP-pegged stablecoin dubbed GBPT, that will act as a faster and cheaper alternative for asset transfers.
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According to the official statement, the ETH-based token will be issued in the first half of July. On top of that, GBTP will be pegged 1:1 to the British pound.
In fact, the token joins the list of other four stablecoins issued by Tether, including the most significant stablecoin USDT, euro-pegged EURT, Chinese-yuan-pegged CNHNT, and the Mexican peso-pegged MXNT.
The CTO of Tether Paolo Ardoino pointed out that the United Kingdom is one the most extensive locations “for blockchain innovation and the wider implementation of cryptocurrency for financial markets.” He added that the stablecoin issuer is eager to turn this idea into reality, in partnership with regulators in the United Kingdom.
As stated in the report, GBPT will be developed by a team of devs working on Tether USDT. Furthermore, it will reportedly function under the website Tether.to. The stablecoin firm also believes that GBPT will transform the British Pound Sterling into one of the most presiding currencies around the world.
In fact, it seems as though Tether is not shying away from rolling out various stablecoins during its crisis. Earlier this year, Tether (USDT) dropped under $70B in terms of market capitalization.
In other news, earlier in June, Tether got in some trouble regarding its commercial paper holdings. However, the company denied all the rumors that its commercial paper portfolio is 85% backed by Asian and Chinese commercial papers.