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.