- Tether is set to launch the GBP₮ token pegged to the British Pound Sterling on its blockchain Tether.
- Tether’s proprietary software, tether.to, serves as the foundation for the largest stablecoin by market capitalization, with a value of about $68 billion.
- GBP₮ will be listed alongside other fiat currency pegged tokens like USD₮,EUR₮ CNH₮, and MXN₮.
According to its official website announcement on Wednesday, June 22, Tether has expanded its services to the United Kingdom. Tether, the company provider of USDT, one of the most utilized stablecoins on the crypto market, is set to Launch GBP₮, Tether tokens pegged to the British Pound Sterling in July. The move comes after the company recently announced the launch of a new token tied to the Mexican peso. The initial blockchain support will include Ethereum.
The UK treasury is laying the groundwork friendly crypto environment that accommodates stablecoins as a valid form of payments, according to announcements made in April.
GBP₮ will be a stable digital asset pegged 1:1 to the British Pound Sterling. The trusted team of developers behind Tether USD₮ will create the token GBP£.to, which will be used by tether.to. The creation of GBP₮ will put British Pounds on the blockchain, allowing for faster and fewer costs on transactions.
The United Kingdom is the next frontier for blockchain innovation and broader cryptocurrency adoption in the financial sector, according to Tether’s CTO Paolo Ardoino.
The GBP₮/USD will help establish the British Pound as one of the most powerful currencies on the planet and provide an FX opportunity for USD$ and EUR$. According to the report, it will also function as a gateway to the decentralized finance ecosystem.