Tether to launch tokens pegged to the British pound in an expansion of its lineup of stablecoins
- Crypto platform
Tethersaid Wednesday it will launch a token pegged to Britain's pound sterling.
- Trading of the 1:1 pegged stablecoin is expected to begin in July on the Ethereum blockchain.
Tether plans to add another token tied to fiat currency to its roster, with the company on Wednesday introducing a stablecoin that will be tied to British pound sterling.
GBP₮ will come to market in early July, with a 1:1 peg to Britain's currency, Tether said in a statement. The creation of GBP₮ will put pounds available to trade on the Ethereum blockchain.
Tether has stablecoins tied to the US dollar, the euro and the offshore Chinese yuan. The crypto platform introduced a token tied to the Mexican peso in May. But this year's rout in the crypto market had shaken Tether's USDT from its tie to the dollar, a peg that was later recovered.
Tether said it's upcoming pound-pegged token should provide a faster and less costly option for asset transfers.
"We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial
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