Tether Expands with GBP-Pegged Stablecoin Launch in July

The global stablecoin issuer Tether has officially revealed its plans to extend its stablecoin lineup with a fresh digital currency tied to the British Pound Sterling (GBP).

Tether has announced that its new GBP-pegged stablecoin, known as GBPT, is set to debut in early July and will initially operate on the Ethereum blockchain. This launch of a UK stablecoin aligns with the UK government’s recent proposals to regulate cryptoassets, aiming to recognize stablecoins as a legitimate payment method, thereby enhancing the UK’s ambition to establish itself as a prominent hub for cryptoasset technology.

• According to Tether, GBPT will be available for trading in early July
• The crypto platform already offers stablecoins linked to the US Dollar and Euro
  

Tether’s GBPT will join a suite of four other fiat currency-pegged Tether (USDT) tokens, including USDT, the largest stablecoin by market cap. It also includes the euro-pegged EURT, the offshore Chinese yuan-pegged CNHT, as well as the recently launched MXNT, which is tied to the Mexican peso.

The launch of Tether’s GBPT occurs just as its flagship stablecoin, USDT, saw its market capitalization fall below $70 billion for the first time since October 2021, having previously peaked above $80 billion in May 2022.

Tether has faced greater challenges than its competitors, such as Circle’s USDC, with its dollar token briefly losing its peg last month. Current USDT circulation is reported at $67 billion, down from a high of over $83 billion in early May, according to CoinGecko data.

In response to Tether’s announcement, Circle, the operator of USD Coin (the second-largest stablecoin with a market cap exceeding $54 billion), revealed the upcoming launch of its fully regulated, 1:1 Pegged ‘full-reserve model’ euro-backed stablecoin. It will join other euro-backed stablecoins like Tether’s EURT, Stasis EURS, and e-money.com’s suite of fully collateralized European stablecoins (EEUR, ECHF, ENOK, ESEK, EDKK).

Tether, recognized for its USDT, remains the most widely circulated USD-pegged token, currently with a market cap of nearly $67 billion.

Recently, Tether’s Chief Technology Officer announced the company will undertake a comprehensive audit by a leading accounting firm. The initiative to introduce a GBP-pegged stablecoin was motivated by the UK Treasury’s strategy to develop the UK into a cryptocurrency hub, with the government contemplating the recognition of stablecoins as a legal payment method.

Tether’s Chief Technical Officer, Paolo Ardoino, emphasized:

“We believe that the United Kingdom represents the next frontier for blockchain innovation and the broader integration of cryptocurrency into financial markets. We aim to spearhead this transformation by offering cryptocurrency users globally access to a GBP-denominated stablecoin issued by the largest stablecoin provider,”

Paolo Ardoino continued,

“Tether is prepared and eager to collaborate with UK regulators to bring this vision to fruition and anticipates the ongoing adoption of Tether stablecoins.”

The introduction of the new pound token coincides with the advance of central banks in Europe and the UK toward Central Bank Digital Currencies (CBDCs). The Bank of England is in deliberations with market participants regarding a potential digital sterling, although any token would not launch before the second half of this decade if approved.

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