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Tether releases its fourth fiat-pegged cryptocurrency asset.

23-Jun-2022 By: Simran Mishra
Tether releases its

Tether releases its fourth fiat-pegged cryptocurrency asset

The organisation behind the most valuable stablecoin in terms of market capitalization, Tether, on Revealed different GBPT, a new fiat-pegged stablecoin pegged to the value of the British pound sterling. The announcement comes after Tether recently launched MXNT, a cryptocurrency asset tied to the peso of Mexico.

The introduction of GBPT, a stablecoin that will initially be issued via the Ethereum blockchain, was announced by Tether on June 22, 2022. 

The British Pound Sterling will be a stable digital asset that will be tied 1:1 to GBPT. The trustworthy development team behind tether USDT will create GBPT, which will run on tether. With the creation of GBPT, British Pounds will be added to the blockchain and given a quicker, more affordable option for asset transfers.

With a market cap of $68 billion, USDT is now the largest stablecoin. The project just went live on the Polygon network. More than 12 billion USDT have been taken out of circulation in the past two months.

Tether's global volume today is roughly $40.9 billion over the last 24 hours, compared to the entire crypto ecosystem's $76.5 billion in trades on Wednesday.

Out of 13,471 crypto assets, USDT has the third-largest market cap out of the $956 billion cryptocurrency industry, dominating by 7.035 percent.

Tether offers two stablecoins: EURT, which is based on the euro, and CNHT, which is linked to the Chinese yuan. Tether introduced MXNT, a fiat-pegged coin linked to the value of the Mexican peso, at the end of May.

The stablecoin issuer also offers a token called XAUT that is pegged to the price of one ounce of pure gold. Today's market valuation for Tether gold, also known as XAUT, is approximately $458,303,598.

CTO of Tether Paolo Ardoino said, "We feel that the United Kingdom is the next frontier for blockchain innovation and the wider deployment of bitcoin for financial markets." By giving cryptocurrency users access to a GBP-denominated stablecoin issued by the largest stablecoin issuer, we intend to assist lead this innovation.

"Tether is ready and prepared to collaborate with UK regulators to make this ambition a reality," he said.

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