Major stablecoin company Tether announced the launch of a new cryptocurrency that will be pegged to the British pound sterling (GBP), this move from Tether is an expectation to be part of the industry innovation in the United Kingdom as the country is planning to adopt stablecoins as means of payment.

The announcement from Tether was made official on Wednesday as the company announced that the upcoming GBPT will be launched in early July and initially will be supported by the Ethereum blockchain. GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBP and will seek to be a cheaper and faster option for asset transfers.

The pound pegged GBPT is set to join USDT the largest stablecoin by market capitalization, euro pegged EURT, Chinese yuan pegged CHNT, and the recently launched MXNT pegged to the Mexican peso as Tether’s fifth stablecoin tied to a fiat currency.

According to the company’s statement, GBPT will be built by the team of developers behind Tether USDT and will also operate under its main website.

Tether’s chief technology officer Paolo Ardoino was of the opinion that the United Kingdom is a major location for the next wave of industry transformation citing it as part of the reasons for this recent development. Also stating that this innovation will provide cryptocurrency users worldwide access to a GBP-denominated stablecoin.

Featured image source: CoinQuora