{"id":30562,"date":"2022-06-22T05:24:44","date_gmt":"2022-06-22T09:24:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30562"},"modified":"2022-06-22T05:29:53","modified_gmt":"2022-06-22T09:29:53","slug":"tether-to-introduce-gbpt-stablecoin-backed-by-british-pound-sterling","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tether-to-introduce-gbpt-stablecoin-backed-by-british-pound-sterling\/","title":{"rendered":"Tether to introduce GBPT stablecoin backed by British pound sterling"},"content":{"rendered":"\n

Tether introduces GBPT stablecoin backed by British pounds. It supports Ethereum blockchain and would be accepted as a form of payment.<\/h5>\n\n\n\n
\"Tether
Tether to launch GBPT stablecoin<\/figcaption><\/figure>\n\n\n\n

With the addition of a new cryptocurrency tied to the British pound sterling, leading stablecoin provider Tether is expanding its stablecoin \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>offering (GBP).<\/p>\n\n\n\n

The new GBP-pegged stablecoin, GBPT, will go live in early July and will initially support the Ethereum blockchain, according to a formal announcement made by Tether on June 22.<\/p>\n\n\n\n

In order to offer a quicker and more affordable option for asset transactions, GBPT will be a reliable digital currency linked in a 1:1 ratio to the GBPT.<\/p>\n\n\n\n

The largest stablecoin by market capitalization, USDT<\/a>, and the other four fiat currency-pegged Tether tokens are now joined by GBPT. Other stablecoins include the offshore Chinese yuan-egged CNHT, the euro-pegged EURT, and the recently announced MXNT, which is pegged to the peso of Mexico.<\/p>\n\n\n\n

The developers who created Tether USDT will create GBPT, and it will function under Tether.to, the company's main website.<\/p>\n\n\n\n

\u201cWe hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin<\/a> issued by the largest stablecoin issuer […] Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins\u201d.<\/p><\/blockquote>\n\n\n\n

The UK is a key site for the upcoming wave of industry transformation, said Paolo Ardoino, chief technical officer of Tether, adding:<\/p>\n\n\n\n

The release also notes that in April 2022, HM Treasury revealed ambitions to turn the nation into a hub for cryptocurrencies worldwide and include stablecoins into its regulatory framework. In order to accept stablecoins as a form of payment, the Economic and Finance Ministry of the United Kingdom intended to modify its regulatory framework.<\/p>\n\n\n\n

The debut of Tether's GBPT coincides with the main stablecoin of the firm, USDT, falling below $70 billion in market capitalization for the first time since October 2021. In May 2022, the stablecoin's value surpassed $80 billion.<\/p>\n\n\n\n

The continued market downturn and unpredictability around stablecoins, brought on by the failure of algorithmic stablecoins like Terra USD, contributed to Tether's declining market cap. Asset-backed stablecoins<\/a>, like Tether tokens, are fully backed by cash or currency equivalents like bank deposits, Treasury bills, and other assets, in contrast to algorithmic stablecoins.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether introduces GBPT stablecoin backed by British pounds. It supports Ethereum blockchain and would be accepted as a form of payment. With the addition of a new cryptocurrency tied to the British pound sterling, leading stablecoin provider Tether is expanding its stablecoin offering (GBP). The new GBP-pegged stablecoin, GBPT, will go live in early July […]<\/p>\n","protected":false},"author":38,"featured_media":30572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10733],"class_list":["post-30562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gbpt"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/Tether_UK.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30562"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30572"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}