The Tether company, the issuer of the world’s biggest stablecoin, USDT is set to launch a new token pegged to the British pound.
According to reports gathered, the new token would be launched in July 222. This is coming after Tether’s recent roll-out of MXNT, a crypto asset pegged to the Mexican peso.
The stablecoin will be known as GBPT (Great Britain Pounds Tether). It would first be supported on the Ethereum network according to a corporate statement released on Thursday by the company.
The stablecoin will have a 1:1 peg to the British Pound Sterling in an effort to make asset transactions faster and more inexpensive. Tether’s USDT is also pegged to the US dollar at the same ratio. This means that the price of 1 GBP pounds will amount to the price of 1 Tether token.
USDT, issued by the Tether company is the biggest stablecoin today. It is ranked 3rd among thousands of other crypto assets by CoinMarketCap.
Stablecoins are crypto coins that are pegged to fiat currencies for this reason, they are stable & not volatile.
