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Tether to Issue Sterling-Pegged Stablecoin, GBPT
The token will be pegged 1:1 to the British pound and will launch in July.
Updated May 11, 2023, 6:52 p.m. Published Jun 22, 2022, 8:27 a.m.
Tether, the issuer of the largest U.S. dollar-pegged stablecoin, plans to expand its offerings with the introduction of GBPT, a stablecoin pegged to the British pound, according to a press release.
- The token will be issued in July and become the company's fifth stablecoin. It will join U.S. dollar-pegged USDT, euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the Mexican peso-pegged MXNT that was released last month.
- The collapse of algorithmic stablecoin terraUSD (UST) in May raised concerns about how stable stablecoins really are. While UST was designed to maintain its peg to the dollar programmatically, in contrast to Tether's stated approach of keeping near-cash investments that can be rapidly liquidated should the need arise, there have been calls for greater transparency about the quality and liquidity of those investments.
- In April, the U.K. government said it hoped to become a global hub for crypto technology and investments.
- “We believe that the United Kingdom is the next frontier for blockchain innovation," Tether Chief Technology Officer Paolo Ardoino said in the statement. “Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.
- In January, a committee in the House of Lords said that there is "no convincing case" for a central bank digital currency.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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