The crypto startup TrustToken has just launched a stablecoin pegged to the price of the British pound, CoinDesk has reported.
TrueGBP (TGBP) can already be traded on several OTC platforms, such as Alameda Research, Bluefire Capital, Galois Capital and QCP Capital. This new stablecoin will be added to crypto exchanges in the near future. The TrueGBP will be backed by real GBP funds stored in U.S. escrow accounts. The company has said:
"Purchase and trade of TrueGBP will be available like any other ERC-20 standard token, and is compatible with all ERC-20 wallets. Customers who want to purchase or redeem through the TrustToken app will have to be verified."
TrustToken launched in March 2018 the stablecoin TrueUSD, which is pegged to the U.S. dollar. The company has announced it also has the intention to issue other stablecoins linked to the yen, the euro and other national currencies. According to the company, TrueGBP has become the "first of several" stablecoins that will be launched in the coming months.
TrueGBP will be based on the same technical and legal standards as TrueUSD.
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