blackfridge Company announced Monday, July 11, the launch of poundtoken (GBPT), a stablecoin pegged to the British pound sterling. The announcement comes three weeks after Tether notified that it would launch its fifth stablecoin “in early July,” anchored to the British pound, which they would call GBP₮.
blackfridge, an Isle of Man-based fintech company, noted in a press release that GBPT is “the first stablecoin fully backed 1:1 in sterling and regulated and licensed by the Isle of Man Finance Authority.”
“Following the rise of decentralized finance, stablecoins have become an integral part of the cryptocurrency sector,” commented Nicholas Maybin, chief operating officer of poundtoken. “Many are aware that the cryptocurrency market can be unpredictable, so when trading a stablecoin it is vital to know that you will always be able to get what you invest in,” the executive noted.
Maybin noted that in addition to sound regulation, they had appointed KPMG, one of the five largest accounting firms, as poundtoken auditors, who will produce monthly reports on the stablecoin issuance and respective reserves.
Tether leads the stablecoin market
Tether is the leader in market capitalization in the stablecoin sector. Out of a total of USD 153 billion in stablecoins capitalization, TETHER (USDT) alone has USD 65.9 billion, 43% of that sector, according to CoinMarketCap.
The rest of Tether’s stablecoins, anchored to the euro (EUR₮), yuan (CHN₮), and Mexican peso (MXN₮), comprise a negligible amount of market capitalization, less than USD 500,000, a mere 0.07% of Tether’s capitalization.
It is still early to assess the performance of GBPT, which is not listed on CoinMarketCap, as its acronym is erroneously associated with “Tether British Pound,” which is inactive. While Tether’s release specifies that the ticker of its stablecoin is GBP₮, the company has not yet finalized the official launch of its digital British Pound. Based on this announcement from blackfridge, Tether may accelerate its plans to launch its fifth stablecoin in the coming days.