USDT stablecoin issuer Tether said it is expanding its footprint in the UK market, thanks to the growing adoption of cryptocurrencies in society.
In early July, the company intends to launch a GBPT stablecoin backed by pound sterling (GBPT) reserves and 1:1 pegged to the British fiat currency.
The company says that in the first phase of implementation, GBPT will run on top of Ethereum, and other blockchains may be added in the future. GBPT will be Tether’s fifth fiat-pegged stablecoin after the largest by market capitalization euro-pegged USDT EURT, offshore Chinese yuan CNHT and Mexican peso-backed MXNT.
According to Tether CTO Paolo Ardoino, the team believes the UK is the next frontier for blockchain innovation and greater adoption of cryptocurrencies in financial markets:
“We hope to help drive innovation by providing crypto users around the world with access to a sterling-denominated stablecoin issued by the largest digital stable cash issuer.”
The stablecoin issuer Tether has decided to explore the UK market in line with the plans of the Treasury to turn the country into a global crypto powerhouse. The country is seeking to recognize stablecoins as an acceptable form of payment, although the Bank of England has opposed the development of the crypto industry in the past.
Tether’s CTO said that, unlike his company, other major stablecoin issuers have refused to audit amid regulatory uncertainty. Recently, experts from the American investment bank JPMorgan suggested that the rapid growth of stablecoins like USDT may indicate the imminent growth of digital currencies.
Source: Bits
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