A couple of weeks ago, Tether was launched on tezos blockchain with the hope to affect the long-term growth of tezos. The news excited the whole community as revealed by the tether CTO, Paolo Ardoino;
“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Tether to launch a stablecoin pegged to the British pound.
In early July, Tether will release a stablecoin pegged to the British pound. Dubbed GBPT, the stablecoin is part of a push by Tether into new stablecoins and will be available initially on the Ethereum blockchain.
About the coming Stablecoin
The incoming pound stablecoin is Tether’s fiat-pegged stablecoin. In addition to the largely popular USDT, Tether’s other stablecoin offerings include;
- The euro-pegged (EURT).
- The offshore Chinese yuan-pegged (CNHT) stablecoins.
Tether pound and British Financial Tapestry
According to the view of the CTO of Tether on the GBPT stablecoin initiative;
“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets.”
He also added;
“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.”
The plans behind the Tether stablecoin initiative.
- Tether is eager to collaborate with the UK so that the region will be the “next frontier for blockchain innovation”.
- To continue to stoke the UK’s ambition of becoming a global crypto hub.
What is stablecoin?
These are widely adopted and used by traders and investors as a store of wealth for safeguarding against market volatility. However, the fiat-pegged digital currencies have also come under recent scrutiny as their stability is now being called into question.
Tether has once released a new Mexican peso-pegged stablecoin, marking its entrance into Latin America. Dubbed MXNT, the stablecoin will previously be available on the Ethereum, Tron, and Polygon Blockchain.