Tether, the issuer of USDT, the largest stablecoin by capitalization, announced that it has issued a sterling-pegged “stablecoin” GBPT.

The start of a new asset issuance is scheduled for July. It will initially be available on the Ethereum network.

GBPT will be the fifth fiat-based stablecoin, in addition to:

“This initiative, combined with the hundreds of millions of people using cryptocurrencies around the world, makes the UK an ideal location for a new wave of innovation in the industry,” the company says in a blog post.

Recall that Tether and Bitfinex cryptocurrency exchange do not plan to lay off employees in an unfavorable market situation.

In mid-June, USDT’s capitalization dropped to $69.3 billion. Before Terra’s collapse, this figure was $83.42 billion (as of May 1).

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