The “poundtoken” has the full backing of British authorities and is unconditionally guaranteed by reserves of British pounds.
A corporation based in the Isle of Man is now selling Poundtoken, the first fully regulated, fully collateralized stablecoin tied to the British pound.
Available on UniSwap: GBPT
A new competitor has entered the stablecoin market today.
Blackfridge, a cryptocurrency startup, today introduced “poundtoken,” a stablecoin that is governed by British law. The stablecoin, which has the ticker GBPT, is fully backed by sterling reserves. It is the first British pound stablecoin to be minted under regulation.
Cryptocurrencies known as stablecoins strive to maintain parity with a government-issued currency, often the US dollar.
MakerDAO, one decentralized blockchain-based protocol, is a stablecoin issuer. Circle, on the other hand, is a centralized business. Blackfridge belongs to the latter group.
The cryptocurrency market had recently seen a “tough” few weeks, according to Alan Sun, CEO of Blackfridge, with many players losing money following Terra’s UST crash. According to him, GBPT would provide “the stability of the British pound, the guarantee of stringent British financial rules, paired with the speed, openness, and integrity of the blockchain.”
Although GBPT was initially introduced on Ethereum, other blockchains are anticipated. Currently, UniSwap, Gate.io, and Bittrex Global are the only exchanges where Poundtoken may be exchanged, but the business promises that additional platforms will do so shortly.
Isle of Man Financial Services Authority oversees and accredits Blackfridge. Between England and Ireland in the Irish Sea sits the self-governing British Crown dependent known as The Isle of Man. It is not a British Overseas Territory or a part of the United Kingdom. To make sure the coin is always fully backed, KMPG, an auditor, has already been hired. Each month, KMPG will release proof-of-reserve statements.
Other stablecoin issuers have also increasing their product offerings, with top providers Circle and Tether planning to provide currencies backed by the euro and the peso, respectively.