Tether continues to expand its market presence despite ongoing volatility in the cryptocurrency sector. Following the recent launch of a Chinese yuan–pegged stablecoin, the company is preparing to introduce a new stablecoin tied to the British pound sterling.
Named GBPT, the new stablecoin is scheduled for release early next month.
At launch, GBPT will be available exclusively on the Ethereum blockchain.
The expanding Tether stablecoin lineup
GBPT will become Tether’s fifth stablecoin offering. Tether’s original and largest product remains USDT, the U.S. dollar–pegged stablecoin that leads the market by capitalization. That was followed by EURT, pegged to the euro; MXNT, pegged to the Mexican peso; and most recently CNHT, pegged to the offshore Chinese yuan.
Supporting the UK’s bid to become a crypto hub
Earlier this year, UK finance leadership outlined plans to position the country as a global center for cryptocurrency innovation. Tether sees the new GBP-denominated stablecoin as a contribution to that effort and believes it can help accelerate broader adoption and development of blockchain-based financial solutions in the UK.
The launch also aligns with the UK government’s push to recognize stablecoins as a valid form of payment—an initiative Tether views as likely to strengthen the nation’s appeal as a destination for crypto businesses and innovation.
Commenting on GBPT, Tether’s chief technology officer, Paolo Ardoino, said:
“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.”