KPMG To Audit New Pound-backed Stablecoin GBPT

Fintech firm blackfridge has launched a new stablecoin that is fully backed by the British pound (GBP). That may pave the way for a more widespread acceptance of digital assets in the United Kingdom and its Crown Dependencies.

iexclusivenews reports that Blackfridge stated on Monday that the recently released “poundtoken.”

Which trades under the ticker “GBPT,” will be accessible for trading on Gate.io, Bittrex Global, and Unisawp.

This online news understands that every token issued under GBPT will be backed in full by the British pound. Which means that reserves will be held at a value equal to that of each token.

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The Isle of Man Financial Services Authority, which regulates deposit and investment enterprises in the self-governing British Crown Dependency. Is in charge of GBPT’s reserve status.

The audit of the poundtoken reserves has been contracted out to Big Four accounting firm KPMG.

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Stablecoins have developed into a “integral component of the crypto sector,” according to Nicholas Maybin, the chief operating officer of poundtoken.

However, iexclusivenews Nigeria reports that Stablecoins were initially developed to provide trustworthy access points for cryptocurrency users to trading platforms.

Their use cases have expanded over time to include lending, escrow services, payments, and remittances.

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Stablecoins are crucial to the decentralized finance, or DeFi, market as a result.

The Bank for International Settlements, or BIS, states that the British pound is one of the most often traded currencies in the world.

Pound sterling ranked fourth among active currencies in the BIS’ 2019 Triennial Central Bank Survey with a 12.8 percent share of worldwide over-the-counter foreign currency turnover.

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Meanwhile, iexclusivenews Nigeria reports that a euro-pegged stable asset was recently introduced to the crypto market in addition to a stablecoin backed by the pound.

Circle Internet Financial, the company behind USD Coin (UDC), now offers a fully-reserved, euro-pegged stablecoin for trade.