TrustToken announced on 02 April the launch of TrueGBP, a stablecoin evenly matched and backed by the British Pound Sterling.
TrustToken commenced by highlighting the likeness of TrueGBP with another stablecoin, TrueUSD. TrustToken’s first product TrueUSD was backed by US dollars and quickly took over to become the world’s most traded, fully regulated stablecoin. TrueGBP and TrueUSD share the same legal and technical infrastructure.
Rafael Cosman, TrustToken Cofounder and Head of Engineering and Product cited –
“We are excited to be launching TrueGBP to provide our users with access to one of the most traded currencies in the world. With TrueUSD, we have built the bridge between the fiat and crypto world, without being tied to any one exchange. Our goal in launching TrueGBP is to fully utilize this bridge to reduce the friction within global financial markets, to seamlessly increase the speed and decrease the cost of transferring value across global borders.”
TrustToken conveyed that TrueUSD set many industry standards and offered transparency in its transactions. In a bid to supplement trust, TrustToken announced a dashboard that could be leveraged across all their stablecoins. TrueGBP would be available on major over-the-counter (OTC) desks including Alameda Research, Bluefire Capital, Galois Capital, and QCP Capital. It would also be trading live on exchanges soon.
TrustToken touched upon how TrueGBP would extend the use case of stablecoins. Essentially, stablecoins attempt to deliver on the promise of the blockchain. This would be to facilitate the seamless exchange of assets globally and minimize latency through quick transactions. With TrueGBP on the horizon, traders will have more choices for payments, trading, remittances, and stable stores of value.
Rafael further cited that the blockchain industry in the future would be driven by real-world use cases. He opined that users and institutions are hardly bothered by the inner workings of the blockchain. Rather, they would want to experience the inherent benefits. Rafael clarified that by embedding fiat-to-crypto transactions, the endeavour for adoption is addressed.
Last month, TrustToken had collaborated with US-based accounting and business consulting firm Armanino to provide real-time stablecoin confirmation. TrustToken’s new standards for fiat-backed stablecoins were also conveyed.
TrustToken concluded by expressing that the launch of TrueGBP marks the first major product expansion for the company. The offering also positions the company to become a pioneer in bridging fiat currencies with the blockchain industry. It was clarified that funds backing TrueGBP would initially be held in US escrow accounts. TrueGBP would trade under the ticker symbol TGBP and traders would be able to purchase it in the TrustToken app.