Tether, the issuer of USDT, the largest stablecoin by market capitalization, plans to launch a new stablecoin on Ethereum pegged to the British Pound next month.
It’s a market ripe for the taking – according to CoinGecko, one of the only Pound-pegged stablecoins on the market, the Jarvis Synthetic British Pound, had a 24-hour trading volume below $10,000 as of Wednesday. An earlier entrant, TrueGBP, has a market cap of $80M with just 1,581 holders, according to Etherscan.
Dubbed GBPT, the new token will be Tether’s fifth stablecoin, the company said Wednesday. In addition to USDT, Tether offers the Euro-pegged EURT, the Yuan-pegged CNHT and the recently-announced MXNT, pegged to the Mexican peso.
The announcement comes as the U.K. positions itself as a hub for crypto. Among other things, the U.K. government plans on moving forward with proposed regulations that would facilitate stablecoins’ use “as a recognised form of payment.”
Tether said this made the country an ideal place to expand its offerings.
“This initiative, 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,” it said.
The announcement did not detail how GBPT would be backed, though it’s likely to be fiat-backed similar to Tether’s other offerings. The token is expected to launch in “early July.”