After the British government stated its plans to make the UK a “Crypto Hub”, the well-known issuer of large stablecoins—Tether, announced the upcoming launch of a new stablecoin that will be pegged to the British Pound. The new token will be called GBPT, Tether’s latest addition to its already issued pegged cryptocurrencies USDT, EURT, CNHT, MXNT and XAUT. Initially, the new GBPT crypto will operate on the Ethereum blockchain with the possibility of other platforms being utilized later on.
The pound-pegged coin is called GBP₮ (GBPT), and will initially live on the Ethereum (ETH) blockchain, Tether’s announcement said. It did not specify what other blockchains might be supported later.
The move from Tether comes after the UK government in April this year announced plans to make Britain a “global cryptoasset technology hub.” The government plans also included a move to recognize stablecoins as a valid form of payment.
According to Tether, the government’s plan is expected to make the UK “a prime location for the next wave of industry innovation.”
Elaborating on the company’s plans for a GBP-pegged stablecoin, Paolo Ardoino, chief technology officer of Tether, said they hope to help the UK become the crypto technology hub that the government envisions.
“Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins,” Ardoino said.
Tether already has stablecoins pegged to the euro (EURT), Chinese yuan (CNHT), and Mexican peso (MXNT), in addition to the popular USD-pegged coin USDT. The company also has a gold-backed stablecoin known as XAUT.