Three weeks after Tether, issuers of the world’s biggest stablecoin, announced its plans to launch a stablecoin backed by the British Pound, Blackfridge has beaten them to the punch, launching the first British-regulated stablecoin backed 1:1 by the Pound sterling (GBP).
Blackfridge Launches ‘Poundtoken’
Fintech firm Blackfridge announced the launch of ‘Poundtoken (GBPT)’, a stablecoin that is 100% backed by British pound reserves, and regulated by the Isle of Man’s Financial Services Authority.
The Poundtoken (GBPT) was launched on Ethereum, but is expected to expand to multiple blockchains. GBPT can currently be traded on UniSwap, Gate.io, and Bittrex Global, but Blackfridge has promised its listing on other exchanges at a later date.
According to Blackfridge, the Poundtoken will also enable direct GBP access to digital asset markets, and will facilitate frictionless, real-time settlements.
Poundtoken to be Audited by KPMG
Blackfridge announced that the Poundtoken (GBPT) will be audited by “Big Four” accounting firm KMPG, who will ensure that the coin remains 100% backed. Furthermore, KMPG will issue monthly proof-of-reserve statements.
Blackfridge CEO Alan Sun claims that the GBPT provides “the stability of the British pound, and the reassurance of strict British financial regulations, combined with the speed, transparency, and integrity of the blockchain.”
On the Flipside
- The European Central Bank (ECB) has insisted that the TerraUSD (UST) crash highlights the risk stablecoins pose to financial stability.
Why You Should Care
By submitting to full regulation and regular audits, Blackfridge seeks to give users confidence and peace of mind in holding the stablecoin.
For more information on Tether’s GBP stablecoin, check out:
Tether Will Launch a Stablecoin Pegged to the British Pound
Circle has also launched a Euro-backed stablecoin. Find out more in:
Circle Launches Euro-Backed Stablecoin
Read about the ECB’s stablecoin report below:
The ECB Requests Expedited Regulation for Stablecoins