Sterling-Pegged Stablecoin to be Released by Tether
- GBPT will be the first stablecoin pegged to the British pound. The new token will launch in July and will be available on the Tether platform.
- Tether has seen increasing use in recent months, as it allows users to avoid volatility in cryptocurrency prices.
The launch of GBPT comes at a time when there is increased interest in stablecoins. A stablecoin is a digital currency pegged to a fiat currency or a commodity. Tether’s USDT coin is pegged to the US dollar, and its EURT coin is pegged to the Euro. The launch of GBPT will allow users to hold British pounds in a digital form on the Tether platform.
According to a press release, Tether plans to expand its offerings with the introduction of GBPT, a stablecoin pegged to the British pound. This news comes after the recent announcement of Tether’s expansion into the Euro with EURT. With these two new additions, Tether now offers stability in three major global currencies.
The goal of these expansions is to provide more options for those looking for a reliable digital currency. With GBPT, Tether hopes to provide users with an easy way to hold British pounds without having to convert them into another currency. According to Tether,
GBPT will be issued and available on select exchanges.
GBPT will have a 1:1 peg to the British pound, meaning that each GBPT token will be worth one British pound. This marks an important step in Tether’s mission to provide blockchain-based solutions compliant with traditional financial systems.
The GBPT token, which will be released in July, will be the company’s fifth stablecoin. It will join the recently announced Mexican peso-pegged MXNT and offshore Chinese yuan-pegged CNHT as well as the U.S. dollar-pegged USDT and Euro-pegged EURT. Tether has been working hard to solidify its position as the leading provider of dollar-pegged stablecoins. The addition of GBPT and EURT is a significant milestone in this effort. These new tokens will allow Tether to tap into new markets and provide even more people with access to reliable digital currency.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
