Tether, the firm behind the biggest stablecoin in the crypto space, plans to introduce another stablecoin called the GBP₮ which will be pegged to the British Pound Sterling in a 1:1 ratio. The new GBP₮ tokens will be launched in early July. 

According to an official announcement, Tether will debut GBP₮ on the Ethereum blockchain initially. There are currently four other stablecoins that the firm has launched. These include the  U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, the offshore Chinese Yuan-pegged CNH₮, as well as the recently launched MXN₮, the Mexican Peso-pegged stablecoin. 

“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 CTO Paolo Ardoino said.

In the blog post, Tether claimed that the next wave of blockchain adoption will come from the United Kingdom because of the plans of the UK Treasury to make the country the next blockchain innovation hub.

The Treasury will also work on regulating stablecoins which could mean that Tether's GBP₮ tokens might play an important role in the near future. 

"This initiative [launch of GBP₮], paired with hundreds of millions of people using crypto around the world, makes the United Kingdom a prime location for the next wave of industry innovation," Tether said in the post. 

"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," added Ardoino.

Illustration shows Tether logo and U.S. dollars Smartphone with Tether logo is placed on displayed U.S. dollars in this illustration taken, May 12, 2022. Photo: Reuters / DADO RUVIC