Tether is launching a stablecoin pegged to the British pound

Tether will launch a new stablecoin pegged to the British pound by early July.

The stablecoin, named GBPT, will initially be available on the Ethereum blockchain.

GBPT is Tether’s fifth fiat-pegged stablecoin. The GBPT follows the US dollar-pegged USDT, euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the recently launched Mexican peso-pegged MXNT.

While Tether has several fiat-pegged stablecoins, its USD-pegged stablecoin USDT remains the most popular.

The USDT has recently seen significant redemptions amid panic over the collapse of algorithmic stablecoin terraUSD (UST) and general market downturn.

USDT remains the biggest stablecoin in the world, with its current total supply standing at over 66 billion.