Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins, Bloomberg reports.

The GBPT token will be available to trade early July.

Paolo Ardoino, chief technology officer at Tether, said:

The UK’s ambition of becoming a crypto hub makes it an attractive destination. 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.

Tether offers tokens pegged to the US dollar, euro, Chinese yuan and Mexican peso.