Expansion on all fronts. Despite the beginning of the bears, a number of platforms in the cryptocurrency world have been investigating new markets. As Tether Operations Limited prepared to launch a stablecoin linked to the British Pound Sterling, stablecoin Tether followed suit. The stablecoin is anticipated to launch in early July under the ticker symbol GBP.
The platform mentioned that GBP would be tied 1:1 to the British Pound Sterling in a recent blog post. To offer a quick and affordable asset transfer option, Tether plans to put the British Pound on the blockchain. Paolo Ardoino, the network’s CTO, said the following when discussing the subject:
- “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 now offers four different tokens that are tied to fiat currencies. This includes the pegged US dollar asst USD, the pegged Chinese Yuan CNH, the pegged Euro EUR, and the pegged Mexican Peso stablecoin MXN.
