A GBP-Pegged Stablecoin is on the way

24 Jun 2022

Tether is set to launch a new product focussing on our very own British Pound.

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Tether, the company behind the USD-Pegged Stablecoin USDT, is aiming to launch a GBP-Pegged asset of the same ilk. Their USDT Stablecoin is the largest globally by market cap, and unless there are any Terra type catastrophies, Tether's intentions could be good news for the UK crypto market. Initially, the coin will be introduced on the Etheruem blockchain, but others will likely be added in the future. 

The company's press release advises:

  • The new coin will be released in early July
  • It will be Tether's fifth such fiat-pegged Stablecoin, after the USDT coin, EURT coin (Euro-pegged), CNHT (Cinese Yuan-pegged) and the MXNT (Mexican Peso pegged)
  • With the UK Government announcing their intentions to make the UK a global crypto hub, Tether believes now is the right time to join the revolution
  • With the UK looking at using Stablecoins as a valid form of payment, there is a huge opportunity for such a coin
  • The GBPT will be pegged 1 to 1 to the British Pound

This is a very positive step for the UK's crypto market, and perhaps these are the early signs that the Government will follow through with their word.

“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.”


Tether’s CTO Paolo Ardoino.

Did you know?


USDT has already been launched on the Tezos Blockchain, expanding the networks supporting the asset to 12.

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