The First Regulated British Pound Stablecoin Is Launched.
Poundtoken, the first fully regulated, fully collateralized stablecoin linked to the Great British pound, is now available from an Isle of Man-based corporation.
Blackfridge, a cryptocurrency company, has announced “poundtoken,” a British-regulated stablecoin. The stablecoin, denoted by the symbol GBPT, is entirely backed by sterling reserves. It is the world’s first regulated British pound stablecoin.
Stablecoins are cryptocurrencies that strive to maintain parity with a government-issued currency, typically the US dollar. Some stablecoin issuers, such as MakerDAO, are decentralized blockchain protocols, while others, such as Circle, are centralized businesses. The latter type includes Blackfridge.
According to Blackfridge CEO Alan Sun, the cryptocurrency market has lately undergone a “difficult” few weeks, with many participants losing assets due to Terra’s UST crash. He claimed that GBPT will provide “the stability of the British pound, and the reassurance of strict British financial regulations, combined with the speed, transparency, and integrity of blockchain.”
GBPT was initially released on Ethereum, but it is planned to grow to other blockchains as well. Poundtoken is presently available for trading on UniSwap, Gate.io, and Bittrex Global, but the company promises that more platforms will follow suit soon.
The Isle of Man Financial Services Authority regulates and licenses Blackfridge. The Isle of Man is a self-governing British Crown territory located between England and Ireland in the Irish Sea. It is neither a British Overseas Territory nor a part of the United Kingdom.
An auditor, KMPG, has already been engaged to verify that the coin remains fully backed: it will issue proof-of-reserve statements on a monthly basis.
Other stablecoin issuers have also increasing their offerings, with top providers Circle and Tether planning to introduce euro-backed and Mexican peso-backed currencies, respectively.
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