Crypto News

Tether is working with UK regulators to launch a new stablecoin pegged to the British pound

The creators of a popular crypto asset set to maintain a US dollar peg are now planning to expand their list to include the UK.
In a new announcement says tetherthat it will work with UK authorities to create a new digital asset called GBPT, which will aim for 1-to-1 parity with the pound sterling.

GBPT will be the fifth stablecoin-Be the company’s offer. In addition to the widely used tether (USDT) pegged to the US dollar, there is also EURT, which is pegged to the euro, an offshore peg to the Chinese yuan called CNHT, and MXNT, which is pegged to the Mexican peso.

Paolo Ardoino, Tether’s Chief Technology Officer, says of the new company:

“We believe the UK is the next frontier for Blockchain-Innovations and the wider implementation of cryptocurrency for financial markets.

Tether is ready and willing to work with UK regulators to make this a reality and looks forward to further adoption of Tether stablecoins.”

The announcement also highlights that a few months ago, the UK Treasury announced its intention to turn the island nation into a “global crypto hub,” which included the ability to recognize stablecoins as a formal payment method.

In late March, a news report circulated about the UK’s plans to bring regulatory clarity to cryptocurrencies with a focus on stablecoins.

At the time of writing, 1 British pound equals $1.23 in US currency.
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