Tether introduced a new stablecoin. The digital asset will reflect the price of the UK’s official currency Pound Sterling. The GBP₮ coin will be brought to the market in July.
Related: Tether’s USDT Now Operates on Polygon
According to a publication by Tether, the coin initially will be available on Ethereum. GBP₮ will be the fifth Tether-issued stablecoin. Others are pegged to the Euro, Yuan, Peso, and dollar. Tether’s USD-pegged USDT is the leading stablecoin with a market cap of more than $66,9 bln. Also, it is the third largest crypto as a whole after BTC and Ether.
The publication by Tether mentioned that the UK Treasury disclosed intentions to become a crypto center. The monetary authority said it will take steps to see stablecoins recognized as a valid form for payments.
Tether’s Chief Technological Officer said the team believes the UK is the next hub for blockchain innovation saying that the team is willing to collaborate with regulatory institutions to realize its goal.