Tether launches British pound stablecoin

Tether launches a new stable coin to be pegged 1:1 to the British pound. Initially, it will be available on the Ethereum blockchain.

Pound-pegged stablecoin

During the announcement, Tether announced that the new stable coin would be named GBPT and would initially be available on the Ethereum blockchain.

It will be the fifth stablecoin from Tether after tying the exchange rate to the US dollar, i.e. USDT, EURT – a digital coin pegged to the euro, the foreign CNHT, which is tied to the Chinese yuan, and the recently launched MXNT, which is pegged to the Mexican peso.

We believe the UK is another important frontier for blockchain innovation and the wider adoption of cryptocurrencies in financial markets. We hope to help lead this innovation by providing cryptocurrency users around the world with access to a GBP-denominated stablecoin issued by the largest issuer of this type of asset.

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Tether already has several stablecoins in its oeuvre, but USDT remains the leader in terms of popularity, despite the fact that it has recently seen a significant decline due to the panic caused by the collapse of the algorithmic stablecoin terraUSD (UST).

As we can read in the report from The Block’s Data Dashboard, USDT is still the largest stablecoin in the world, and its current total supply is over 66 billion .

Tether announces a series of audits of its reserves

For some time now, there have been doubts about Tether’s cash reserves. Apparently, the next planned audits are to focus on this issue.

Ardoino, which has been trying to ensure the company’s reserves are solid for some time, said Tether has reduced its holdings of commercial papers from $40 billion to $15 billion over the past eight months. In addition, there has been a greater shift in reserves towards securities with a maturity of zero to three months.

Read Also: Visa announces the launch of cryptocurrency-enabled cards

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