Tether to Launch Stablecoin Linked to UK pound in July

Tether will launch UK Pound-linked stablecoin in July. The stablecoin project Tether is increasing the list of common currencies that can be combined with its crypto status. In this sequence, Tether is preparing to launch a stablecoin linked to the UK currency Pound next month. 

The symbol for this altcoin will be GBPT. It will initially be based on the Ethereum blockchain. Support for other blockchain networks can also be added later. The Tether-linked firm has informed in its blog post that, "The British Pound will launch a Tether token linked to the British Pound early next month. It will have a 1:1 linkage with the Pound." 

Recently the UK has allowed Stablecoins as a method of payment to Stablecoins. Along with GBPT, UK currency will also be on the blockchain network. This is seen as an important step in the UK's Web3 journey. 

"The UK is the next destination for blockchain-enabled innovation," Paolo Ardoino, Tether's Chief Technical Officer, said in a statement.