Tether has announced a new stablecoin that is pegged to the value of the British pound as part of its expansion plan in the sector.
The accompanying statement says that the GBPT token will be available for trading on the Ethereum blockchain from early July.
The circulating USDT has been hit significantly to $67 billion, compared to its peak of over $83 billion at the start of May. The trend comes as Tether maintains that it is willing to collaborate with the UK regulator to avail the stablecoin.
GBPT tokens come amid a push by the central banks in Europe and the UK to establish CBDCs. The Bank of England is currently discussing the possibility of launching a digital sterling. BOE maintains that the token would be available around the decade’s second half once approved.
Stablecoins have gained popularity in cryptocurrency, having been adopted by traders and investors as a store of value to protect against market volatilities. The number of available stablecoins in the market has declined significantly due to price instability.
Tether also offers tokens backed by the US dollar, euro, Chinese yuan, and Mexican peso. The Mexican peso was unveiled in May.