KPMG to audit new pound-backed stablecoin GBPT

In terms of daily turnover, the British pound (GBP) is the fourth most traded fiat currency in the world, according to the Bank for International Regulations.

Financial technology company blackfridge has launched a new stablecoin fully backed by the British pound (GBP), potentially opening the door to wider adoption of digital assets in the UK and its Crown dependencies.

The new poundtoken, which trades under the symbol "GBPT", will be available for trading on Gate.io, Bittrex Global and Uniswap, blackfridge announced on Monday. GBPT is said to be fully backed by the British pound, which means that each token issued will have an equivalent value held in reserves.

GBPT's reserve status is regulated by the Isle of Man Financial Services Authority, which oversees depository and investment activities in the UK Crown Autonomous Dependency. The Big Four accounting firm KPMG has been appointed to audit the poundtoken reserves - a process that will take place monthly.

Nicholas Maybin, COO of poundtoken, says stablecoins have become “an integral part of the crypto industry.” Stablecoins were originally created to give cryptocurrency users reliable gateways to trading services. Over the years, their use cases have grown to include payments, remittances, lending and escrow services. As such, stablecoins play a vital role in the decentralized finance, or DeFi, market.

Related: Crypto Biz: Stablecoins Are Paving the Way for Mass Crypto Adoption

The British pound is one of the most traded currencies in the world,