Stablecoin issuer Tether, known as the company behind USDT, the world's largest stablecoin, on Wednesday announced the launch of a new stablecoin pegged to the British pound. In Tether's announcement, it was said that the pound-pegged coin is named GBP₮ (GBPT) and will be launched first on the Ethereum (ETH) blockchain.

Tether's move comes after the UK government announced plans in April of this year to make the UK a "global cryptoasset technology hub". The government's plans include accepting stablecoins as a payment method. The government's plan is expected to make the UK "a prime location for the next wave of industry innovation", according to Tether.

Paolo Ardoino Tether

Evaluating the company's plans for a British pound-pegged stablecoin, Tether chief technology officer Paolo Ardoino said they hope to help the UK become the crypto tech hub the government envisions. Ardoino used the following statements:

   “Tether is ready to work with UK regulators to achieve this goal and looks forward to the adoption of Tether stablecoins.”

Tether has USDT pegged to the US dollar, as well as stablecoins pegged to the euro (EURT), Chinese yuan (CNHT), and Mexican peso (MXNT). The company also has a gold-pegged stablecoin known as XAUT.

Fixed cryptocurrency supply sees rise as bitcoin supply falls

While negative signals continued to come from traditional markets, internal dynamics in crypto markets began to differ a little.

The latest data from analytics firm Santiment shows that the supply of Bitcoin on exchanges has started to decline again, falling to the lows seen in 2018. The fact that this comes at a time when many expect a longer downturn can be seen as a bit of a contrast. Because there is no development that will cause a decrease in Bitcoin supply. On the other hand, the stock market supply of Tether, the largest stable crypto asset of the market, is increasing.