The British Virgin Islands, 22 June 2022: Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization of over US $68 billion, has announced that it will be launching Tether GBP pegged to the British Pound Sterling in early July. Initial blockchain support will include Ethereum.
Tether GBP will join four other fiat-currency pegged tokens the company has in the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, the offshore Chinese Yuan-pegged CNH₮, as well as the recently launched MXN₮, the Mexican Peso-pegged stablecoin.
In April of this year, The UK Treasury announced plans to make the country a global crypto hub. According to its website, the government will also make moves to see stablecoins recognized as a valid form of payment. 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.
Tether GBP will be a stable digital asset that is pegged 1:1 to the British Pound Sterling. Tether GBP will be built by the trusted team of developers behind Tether USD₮ and operate under tether.to. The creation of Tether GBP will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers.
“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,” said Paolo Ardoino, CTO of Tether. “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”.
The launch of Tether GBP represents the company's dedication to pioneering stablecoin technology and bringing the largest and most liquid stablecoins to global markets everywhere. Tether GBP will reinforce the British Pound Sterling as one of the most dominant currencies across the globe and introduce an FX opportunity for USD₮ and EUR₮. It will also act as an on-ramp to the decentralized finance ecosystem.
To learn more about Tether GBP, please visit www.tether.to or contact us at https://cs.tether.to/
This press release is not an offer to sell or the solicitation of an offer to buy Tether GBP, USD₮, EUR₮, CHN₮ or MXN₮. Tether Limited and Tether International Limited will only sell or redeem Tether GBP₮, USD₮, EUR₮, CHN₮ and MXN₮ pursuant to its terms of service available (as of the date of this press release) at https://tether.to/en/legal.
Certain statements in this press release may be forward looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. None of Tether Operations Limited, Tether Limited Tether International Limited nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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