- already has 4 fiats pegged stablecoin, which are USD₮, EUR₮, CNH₮, and MXN₮.
- The USDT market cap is estimated to be around $68 billion as per the Tether.
#Tether To Launch GBP₮Tether Tokens Pegged to the British Pound Sterling Read the full press release https://t.co/vN6RngE28S pic.twitter.com/t4Yf8hrUZ2
— Tether (@Tether_to) June 22, 2022
The launch is planned for July 2022, and it will initially be supported by the blockchain. The symbolic representation for the coin will be GBP₮, which joins the group of other 4 fiats pegged stablecoins like USD₮, EUR₮, CNH₮, and MXN₮.
Pound Pegged Stablecoin
The UK government announced at the start of the year that it has plans to build a crypto-friendly environment. In the follow-up, they have declared on the website that it will take steps to authorize stablecoins as the payment mode. This may initiate a crypto industry revolution in the United Kingdom.
Tether USDT is the largest stablecoin at present in terms of market capitalization, which is approximately valued at $68 billion. Tether is focused to be the pioneer in the field of stablecoin technology.
Tether CTO, Paolo Ardoino, stated
“Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.”
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