The stablecoin project Tether is expanding the list of common currencies that can be associated with its crypto status. In this episode, Tether will launch a stablecoin pegged to the UK currency Pound next month. The symbol for this altcoin will be GBPT. It will initially be based on the Ethereum blockchain. Support for other blockchain networks can also be added for this later.
“The British Pound-linked Tether token will be launched early next month. It will have a 1:1 linkage with the pound,” the Tether-linked firm explained in a blog post. The UK recently allowed stablecoins as a method of payment. Along with GBPT, UK currency will also be on the blockchain network. This will be an important step in the UK’s Web3 journey. “The UK is the next destination for blockchain-related innovation,” Paolo Ardoino, Tether’s chief technical officer, said in a statement.
Recently Tether expanded the crypto market in Latin America with a new stablecoin. This stablecoin is tied to the Peso of Mexico. The new token will be traded under the MXNT ticker. It will initially be supported on Ethereum, Tron and Polygon.
USD Coin, Tether, and Binance USD are some of the popular stablecoins, which are pegged to the US Dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds.
It is easy to exchange major stablecoins for bitcoin or other cryptocurrencies. Gold coins, a new variant of stablecoins, have grown in popularity in recent months. Gold coins are guaranteed with gold and are pegged to the dollar to reduce volatility. A special framework has been introduced in the US to increase the transparency and security of stablecoins. This is called the Trust Act.
With this, stablecoins are being officially included in the banking and financial system in the US. It will be the first western country to do so. The Trust Act aims to regulate stablecoins so as to increase their use in day-to-day payments.