Fintech agency blackfridge has launched a brand new stablecoin that’s totally backed by the British pound (GBP), doubtlessly opening the door to wider adoption of digital property in the UK and its Crown Dependencies.

The newly launched “poundtoken,” which trades underneath the ticker “GBPT,” will likely be out there for buying and selling on Gate.io, Bittrex World and Uniswap, blackfridge introduced Monday. GBPT is claimed to be totally backed by the British pound, which signifies that each token issued could have an equal worth held in reserves.

GBPT’s reserve standing is regulated by the Isle of Man Monetary Companies Authority, which oversees deposit and funding companies within the self-governing British Crown Dependency. Massive 4 accounting agency KPMG has been appointed to audit poundtoken’s reserves — a course of that may happen month-to-month.

Nicholas Maybin, poundtoken’s chief working officer, stated stablecoins have turn out to be an “integral a part of the crypto sector.” Stablecoins had been initially established to present cryptocurrency customers dependable onramps to buying and selling providers. Through the years, their use instances have grown to incorporate funds, remittances, lending and escrow providers. As such, stablecoins play an integral position within the decentralized finance, or DeFi, market.

Crypto Biz: Stablecoins are paving the way in which for mass adoption of crypto

The British pound is likely one of the most generally traded currencies on the planet, according to the Financial institution for Worldwide Settlements, or BIS. The BIS’ 2019 Triennial Central Financial institution Survey discovered that pound Sterling’s share of world over-the-counter overseas trade turnover was 12.8%, putting it fourth amongst energetic currencies.

Along with a pound-backed stablecoin, the crypto market not too long ago noticed the launch of a euro-pegged steady asset. As Cointelegraph reported, USD Coin (UDC) issuer Circle Web Monetary now has a fully-reserved euro-pegged stablecoin out there for buying and selling.