Tether envisions to grab more potential in the market.
It is no news that, Tether’s stablecoin USDT is the market’s largest stablecoin by a market capitalization of over $68 billion. In its vision to help the market revive back and grab a foothold position in the market, Tether plans to launch another token which will be pegged to British Pound Sterling in the early July. It is tipped that, the initial support to the token is to be provided by Ethereum Blockchain.
The new token to be labelled as “GBPT.” The new token will be pegged to four fiat currencies pegged tokens in the market. All the previous four tokens of Tether USDT (Pegged with US Dollar) EURT (Pegged with Euro) CNHT (Pegged with China’s Yuan) and the Mexican pegged stable coin.
UK’s plans to make the country a crypto hub.
If the reports are true, UK is planning to work on the steps to make UK a crypto hub. In April, the treasury of UK remarked that, the government is looking forward to make moves in favor of cryptocurrency, and also visions to see stable coins as a valid form of payment. This move, with a million of investors spread across the globe will definitely make UK one of the largest crypto hubs in the world and make way for the next wave of industrial innovation.
Introduction of GBPT to boost UK’s dream of being a crypto hub.
GBPT at its core is a stable asset which is pegged 1:1 to the British Pound Sterling. GBPT will be crafted by the trusted group of developers who also happened to be instrumental in developing the USDT and will be operational under Tether.to. The formation of GBPT will bring the British Pound to blockchain and provide a faster, less costly option for asset transfers.
Words of CTO of Tether.
Picture Credits: CoinQuora
The CTO of Tether Paolo Ardonio said that, “Tether believes that UK is the next big revolution in terms of crypto market. The implementation of blockchain tech in financial market is going to be huge in UK.” He added that he hopes to help UK in realizing its dream of being a crypto hub by leading the innovation of providing cryptocurrency users worldwide access to a GBP denominated stablecoin issued by the largest stablecoin issuer. He concluded by quoting, “Tether anticipates the further use of Tether stablecoins and is prepared and eager to collaborate with UK regulators to make this aim a reality.”
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