A new stablecoin pegged to the British Pound Sterling (GBP) could be operational in early July, Tether said in a press release. While primarily known for it’s US dollar-pegged stablecoin USDT, Tether already runs a number of other pegged tokens, including the euro-pegged EURT, the offshore Chinese Yuan-pegged CNHT, and the Mexican Peso-pegged MXNT.
Tether looks to seize a first mover position as the UK prepares to recognize stablecoins as a payment method, part of the country’s bid to become a global crypto hub. “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets,” said Tether CEO Paolo Ardoino.
“Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins,” Ardoino added, suggesting that the crypto community no longer perceives the UK as a hostile environment, the dominant view as recently as March.
That’s when the UK’s chief financial watchdog, the Financial Conduct Authority, was concluding a months-long operation aimed at shutting down crypto companies that weren’t compliant with the UK’s anti-money laundering and anti-terrorist financing laws. The operation saw hundreds of firms, including Binance, get rejected.