Tether, the company behind the largest stablecoin by market capitalization, has announced another fiat-pegged stablecoin called GBPT on Wednesday, tied to the value of the British pound sterling. The news follows Tether’s most recent launch of a Mexican peso-pegged crypto asset called MXNT.
Tether Launches the Company’s 4th Fiat-Pegged Crypto Asset
- On June 22, 2022, Tether announced the launch of GBPT, a stablecoin that will be initially issued by the Ethereum blockchain. GBPT is pegged to the value of the British pound sterling, the oldest fiat currency in the world, first issued in 1694.
- “GBPT will be a stable digital asset that is pegged 1:1 to the British Pound Sterling. GBPT will be built by the trusted team of developers behind tether USDT and operate under tether.to,” the Tether announcement sent to Bitcoin.com News details. “The creation of GBPT will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers.”
- USDT is the largest stablecoin by market cap today with $68 billion and the project was just recently launched on the Polygon network. Over the last two months, more than 12 billion USDT has been removed from circulation.
- USDT commands significant trade volume and today, tether’s global volume is around $40.9 billion during the past 24 hours, while the entire crypto ecosystem recorded $76.5 billion in trades on Wednesday.
- Out of the $956 billion crypto economy, USDT’s market cap dominates by 7.035% and it is the third-largest crypto asset market cap out of 13,471 crypto assets.
- Tether’s GBPT announcement on Wednesday follows Circle’s recent euro coin (EUROC) launch. EUROC is Circle’s second fiat-pegged stablecoin, while Tether has released
