TrustToken, a stablecoin platform, today has announced the launch of TrueGBP, a stablecoin backed 1-for-1 with British Pound Sterling. TrueGBP will utilize a similar legal and technical infrastructure to the team’s first product, TrueUSD, which is a fully regulated stablecoin backed by US Dollars.
TrueGBP is the first of several tokenized currencies that TrustToken plans to launch over the coming months.
“We are excited to be launching TrueGBP to provide our users with access to one of the most traded currencies in the world,” said Rafael Cosman, TrustToken Cofounder and Head of Engineering and Product. “With TrueUSD, we have built the bridge between the fiat and crypto world, without being tied to any one exchange. Our goal in launching TrueGBP is to fully utilize this bridge to reduce the friction within global financial markets, to seamlessly increase the speed and decrease the cost of transferring value across global borders.”
The launch of TrueGBP signals the first major product expansion for TrustToken, and positions the company to become the leader in bridging fiat currencies with the blockchain industry. GBP funds backing TrueGBP will initially be held in US escrow accounts and TrueGBP will trade under the ticker symbol TGBP. Traders can purchase TrueGBP in the TrustToken App starting today, April 2nd.
TrustToken recently made further commitments to building trust with users by announcing a dashboard in early March that will provide real-time confirmation of the funds that back all of their stablecoins. TrueGBP is available on major OTC desks including Alameda Research, Bluefire Capital, Galois Capital, and QCP Capital, and will be trading live on exchanges soon.