In the press release, Tether will be releasing GBPT by early July pegged to British Pound and GBPT will become the fifth stablecoin after U.S. dollar-pegged USDT, Euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the Mexican peso-pegged MXNT.
This development comes after United Kingdom Treasury said in April on its website that it plans to become a global hub for crypto technology and investments.
GBPT will be built on Ethereum Blockchain and operate under Tether.to which will provide a faster, less costly option for asset transfers.
In Paolo Ardoino's comments, the CTO of Tether 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".
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