According to a press release, Tether, the creator of the biggest U.S. dollar-pegged stablecoin, intends to broaden its selection by launching GBPT, a stablecoin pegged to the British pound.
The token will be released in July and will be the fifth stablecoin issued by the business. It will join the USDT (U.S. dollar-pegged), EURT (Euro-pegged), CNHT (Chinese yuan-pegged), and MXNT (Mexican peso-pegged) exchange-traded funds, which were all introduced last month.
The May collapse of algorithmic stablecoin terraUSD (UST) raised questions about how stable stablecoins are. While UST was designed to maintain its dollar peg programmatically, in contrast to Tether’s stated approach of holding near-cash investments that can be quickly liquidated if necessary, there have been calls for greater transparency regarding the quality and liquidity of those investments.
The UK government stated in April that it hoped to become a global hub for crypto technology and investments.
Tether CTO Paolo Ardoino stated in the statement that we presume that the United Kingdom is the next frontier for blockchain innovation. Tether is ready and willing to collaborate with UK regulators to achieve this goal, and we look forward to the continued adoption of Tether stablecoins.
In January, a House of Lords committee concluded that there is no compelling case/ for a central bank digital currency (CBDC).
