(Tether) GBPT, a new stablecoin tied to the British pound by Tether, is set to be launched in early July.
The new token will be available for trading on the Ethereum blockchain and marks a continued push by Tether to launch new stablecoins. The crypto firm also has stablecoins tied to the US dollar, euro, Yuan, and Mexican Peso.
The launch comes when the UK is seeking to become a crypto hub. The country is seeking to regulate stablecoins under its existing e-money laws.
Tether’s chief technology officer Paolo Ardoino says that the crypto firm is seeking to work with regulators in the UK to spur blockchain innovation in the country.
The expansion move comes when Tether’s USDT has been declining, with total circulation dropping to $67 billion, compared to a peak of above $83 billion in early May. The drop has been caused by the price instability of stablecoins, which forced traders to sell their holdings.
BTCUSD is down -1.24%.
