You are a UK based business owner looking to streamline your financial operations and reduce costs associated with traditional banking and you have heard about stablecoins, so how do you consider implementing a GBP stablecoin into your business operations and why should you consider them at all?

In this article, we will explore what a stablecoin is, the benefits of using one in your business, and how to get started with using a GBP stablecoin.

A stablecoin is a cryptocurrency which is designed to maintain a stable value relative to a particular asset or group of assets. In this case, the fiat currency of the Great British Pound (GBP). This is achieved by ‘pegging’ the stablecoin to the value of the asset it is backed by. With a GBP stablecoin, its value is pegged to the GBP on a 1:1 basis, meaning that one GBP stablecoin is always worth one GBP.

Using a GBP stablecoin in your business can offer a range of benefits due to no need for banks or financial intermediaries. These benefits include lower transaction costs, and faster processing and settlement times by removing a ‘middle party’ from the equation.

Transactions using stablecoins can be processed in near-real-time, allowing businesses to receive payments faster than traditional banking methods. It also enhances security due to the transparency and immutability of blockchain technology. In turn, this can reduce the risk of fraud associated with traditional fiat banking methods.

The following is a brief outline and overview of some of the steps to take to begin using a GBP stablecoin in your UK business.

• To begin, you have to choose a stablecoin provider, such as poundtoken.io. Once chosen, you then create an account with this provider.
• To do this you will have to complete the through KYC (know your customer) and AML (anti-money laundering) checks, to ensure everything is set up correctly.
• Once you have your account set up, you can now purchase your GBP stablecoins. This is most commonly done via bank transfer or a credit card payment.
• Now you have the GBP stablecoins in your account, you can use them to make payments to other businesses or individuals, or to receive payments for goods and services.

From this guide, you now know how to use a stablecoin in your UK business and what benefits are on offer to you, especially when compared to fiat currency. It’s time to streamline your financial operations and reduce the costs associated with traditional banking.

You can also receive international payments from abroad with GBPT. It solves expensive and slow cross border transactions, thus making this the most probable best ‘quick win’ for a UK business. Customers can get GBPT from an exchange, which is very seamless so to enact this, your UK business simply needs to state it accepts a GBP stablecoin.

As you can see, the retail sector in the UK has many use cases for stablecoins and as GBP stablecoin adoption grows and the use of stablecoins in the UK rises, more of these will become a more frequent feature of daily life.

You can find out more about Poundtoken’s own reserves for the GBPT stablecoin here. For more information, visit our complete guide to stablecoins.