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Stablecoin GBPT launches on Ethereum in July
On June 22, 2022, Tether announced the launch of GBPT pegged to sterling in early July 2022. The originally chosen blockchain platform was Ethereum.
This is Tether's fifth fiat-pegged stablecoin. Previously, USDT was supported in US dollars, EURT was pegged in euros. Meanwhile, CNHT is pegged in Chinese yuan and MXNT is pegged with the recently launched Mexican peso.
"We fully believe that the UK will be the next frontier for blockchain innovation as well as for the widespread deployment of cryptocurrencies to financial markets." CTO Tether Paolo Ardoino said in a statement.
USDT remains the largest stablecoin in the world.
While Tether has a number of stablecoins pegged to fiat, USDT stablecoins pegged in USD are still the most popular. Recently, it has seen significant price declines amid panic over the collapse of the TerraUSD stablecoin (UST) and the decline of the general market.
According to The Block's Data Dashboard, USDT remains the largest stablecoin in the world, with its current Total Supply of more than 77 billion.
GBPT is expected to lead the trend
GBPT will be a stable digital asset pegged at a 1:1 exchange rate to the pound. GBPT will be built by the team of trusted developers behind Tether USDT and operate under the mechanism of tether.to. The creation of GBPT will bring the pound into the blockchain and provide a faster, less expensive asset transfer option.
"We hope to be able to help lead this innovation by giving cryptocurrency users around the world access to the GBP face value stablecoin launched by the largest stablecoin issuer." CTO Tether Paolo Ardoino shared.
The launch of GBPT demonstrates Tether's ambition to bring the largest and most liquid stablecoins to global markets everywhere. Thanks to blockchain technology, GBPT will have the opportunity to make the pound one of the most dominant currencies globally. This activity is a continuation of the decentralized financial ecosystem.
