THE DAILY ENCRYPT

October 3, 2022

The First Stablecoin Pegged to the British Pound Launched by Tether

Tether, the company behind Tether's largest stablecoin market capitalization, announced Wednesday a fiat-pegged stablecoin, GBPT, that is tied to the British pound sterling. This news...
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Tether, the company behind Tether’s largest stablecoin market capitalization, announced Wednesday a fiat-pegged stablecoin, GBPT, that is tied to the British pound sterling. This news comes after Tether’s recent launch of MXNT, a Mexican peso-pegged cryptocurrency asset.

Tether announced that GBPT was launched by Ethereum on June 22, 2022. This stablecoin will initially be issued using the Ethereum blockchain. GBPT is tied to the British pound sterling’s value, which was first issued in 1694.

“GBPT” will be a stable digital currency that is pegged 1:1 with the British Pound Sterling. GBPT will come from the trusted team behind tether and will operate under tether.to,” details the Tether announcement sent out to Bitcoin.com News. “The creation and operation of GBPT will place British Pounds on blockchain. It will also make asset transfers faster and more cost-effective.

USDT has a market capital of $68 billion. The project was launched just recently on the Polygon network. In the past two months, over 12 billion USDT have been taken out of circulation.

USDT has a significant trade volume. Today, tether’s total global volume was around $40.9B during the last 24 hours. On Wednesday, the entire crypto ecosystem saw $76.5B in trades.
$956 million crypto economy. USDT dominates the market by 7.035%. It is also the third-largest market cap for crypto assets out of 13,471 options.

Tether’s announcement of GBPT on Wednesday comes after Circle’s recent EUROC () launch. Tether has made a few other stablecoins over the years, but EUROC is Circle’s second fiat-pegged coin.

Tether currently has a stablecoin that is pegged to the Chinese yuan, called CNHT, and a stablecoin that is euro-based called EURT. Tether unveiled, a fiat-pegged token that is tied to MXNT (the Mexican peso’s worth) at the end May.

A token called XAUT is also available for stablecoin issues. It’s tied to one ounce fine gold. Today, the market value of Tether gold, or XAUT, is approximately $458,303 5,598.

In a statement to Bitcoin.com News, Paolo Ardoino (CTO of Tether) stated that “we believe the United Kingdom is a frontier for blockchain innovation” and further implementation of cryptocurrency for financial market,” he said. We hope to lead this innovation by providing global cryptocurrency users with access to a GBP stablecoin, issued by the largest stablecoin holder.

Ardoino said Wednesday that Tether was ready and willing work with UK regulators in order to achieve this goal and he looks forward to Tether’s continued adoption.

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Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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