Tether has remained upbeat in its bit quest to expand its market presence amid the crypto market turmoil. Days after launching the offshore Chinese Yuan pegged stablecoin, Tether is set to launch a new stablecoin pegged on the British Sterling Pound.

The new stablecoin duped GBPT is set to be launched early next month.

The GBPT will initially be available only on the Ethereum blockchain.

The growing list of Tether’s stablecoins

The GBPT will be the fifth stablecoin that Tether is launching.

The first was the US dollar-pegged USDT stablecoin, which has become the largest stablecoin by market cap. The next was the euro-pegged EURT stablecoin. Then there is the Mexican Peso-pegged MXNT stablecoin, and the latest launched Chinese Yuan-pegged CNHT stablecoin.

Making UK a crypto hub

In April this year, the UK finance minister Rishi Sunak unveiled a plan to make the country a crypto hub and with the recent moves, Tether believes it will play a great role in helping the country achieve its ambitions.

Additionally, the GBPT comes at a time when the UK government is seeking to have stablecoins recognized as a valid mode of payment an initiative that Tether believes will make the UK a key destination for crypto innovation.

Speaking of the new stablecoin, the CTO of Tether 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.”