The company behind the largest stablecoin of the crypto market – Tether (USDT) will officially launch GBPT, a new stablecoin pegged to the British pound (GBP). GBPT will initially be supported by the Ethereum blockchain.
This is the fifth fiat currency of Tether after USDT, EURT, CNHT, MXNT, pegged to USD, Euro, Chinese yuan and Mexican peso respectively. CTO of Tether, Paolo Ardoino, said:
“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer”.
Among the stablecoins launched by Tether, USDT is still the largest stablecoin in the world with a current total supply of more than $77 billion, according to TheBlock. The crypto market was rocked last month when TerraUSD crashed. The demise of TerraUSD has raised concerns about stablecoins but Paolo Ardoino recently surprised the community by sharing that the company is set to carry out a full audit with a top 12 accounting firm to improve transparency of its USDT reserves.
Although the crypto market is facing a lot of difficulties, many large exchanges have laid off employees, Tether is one of the few companies that claimed they had no plan to fire their employees. Tether’s opponent is Circle, the company behind USDC, also plans to launch a stablecoin pegged to Euro at the end of this June.
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