Tap has joined forces with Poundtoken to offer tap users the ability to trade, transact and hold a 100% fiat backed GBP stablecoin.
Poundtoken (ticker: GBPT) is the first GBP stablecoin to be based in the British Isles & regulated by the Isle of Man Financial Services Authority
GBPT is the only stablecoin that's currently audited by KMPG, and it publishes monthly attestations to ensure that the number of GBPT in issuance is always backed 100% by collateral held in reserves in a regulated bank. This is supported by poundtoken's real-time integration with Chainlink to provide a real time proof of reserve.
Stablecoins in general
Stablecoins offer to parties transacting on blockchain a way to store their value in tokens that are backed by assets consider 'stable' like as national fiat currencies such as USD, EUR, GBP &JPY. However they can also be backed by commodities such as gold and silver.
Currency backed stablecoins are not always 100% cash backed, but rather 100% backed by assets that are denominated in that currency.
Poundtoken deep dive:
Let's explore what makes poundtoken a clear choice or Tap:
1. Some currency backed stablecoins are not 100% cash-backed. GBPT however is 100% cash backed, meaning that if there were ever to be a run on the bank, all assets would be liquidated in time to pay back the token holders. With poundtoken, a holder of GBPT can always redeem 1GBP directly for every1GBPT.
2. GBPT is Backed up by audits & committed to being financially transparent. The Cash held in segregated accounts is audited monthly by KPMG. Furthermore Their partnership with Chainlink which allows holders to monitor their cash holdings in real-time.
3. Poundtoken is regulated is regulated in a mature financial environment under the British Isles, which has rigorous financial regulations and criteria that companies must meet in order to obtain a licence. Poundtoken and poundtoken.io are business names of Blackfridge SCLimited, a limited company registered in the Isle of Man and licensed and regulated by the Isle of Man Financial Services Authority as a part of their Regulatory Sandbox to carry on Class 8 (2)(a) and (4) – Money Transmission Service
4. Poundtoken is a secure ERC 20 token on the Ethereum blockchain. GBPT utilitises smart contracts that are audited and immutable, providing security to users.
"Poundtoken demonstrates the security we look for when offering new digital assets to our clients. It's a regulated asset linked to a world-renowned currency of choice for many" said ArsenTorosian, CSO at Tap. We are delighted to collaborate with poundtoken to bring a new digital store of value to our users.
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