The company behind the most important stablecoin on the market, Tetherannounced on Wednesday the launch of a new stablecoin pegged to the British pound.
The token pegged to the pound is called GBP₮ (GBPT), and will initially run on the Ethereum (ETH) blockchain, according to the Tether release. It is not specified which other blockchains might be supported in the future.
Tether’s move comes after the UK government announced plans in April this year to make Britain a “global center for cryptocurrency technology”. The government’s plans also included an initiative to recognize stablecoins as a valid form of payment.
According to Tether, the government’s plan should make the UK “a prime location for the next wave of industrial innovation.”
Elaborating on the company’s plans for this sterling-backed stablecoin, Paolo Ardoinochief technology officer of Tether, said they hoped to help the UK become the crypto tech hub 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 has already issued numerous stablecoins pegged to the euro (EURT), Chinese yuan (CNHT), and Mexican peso (MXNT), in addition to the market’s first stablecoin backed by the US dollar, USDT. The company also has a gold-backed stablecoin known as XAUT.
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