TrueUSD-issuer TrustToken launches new stablecoin pegged to UK pound

Stablecoins • April 2, 2019, 9:28AM EDT
The Block

TrustToken has launched TrueGBP: a token pegged to the British pound, CoinDesk reported Tuesday.

The new ERC-20 token shares its parent company and structure with TrueUSD, the breakout stablecoin similarly geared at limiting crypto's volatility. The launch of TrueGBP is another step towards TrustToken's goal of accelerating FX transactions across borders by swapping different stablecoins, its co-founder recently told The Block.

TrustToken will hold collateral in GBP in US accounts in escrow (meaning they have an agreement to receive the funds), equal in amount to the number of circulating tokens. TrueGBP is not currently available for trading on crypto exchanges, but can be bought on the TrustToken app or on select OTC desks.

AUTHOR

Isabel Woodford

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Isabel Woodford