Poundtoken is excited to announce that we have integrated Chainlink Proof of Reserve (PoR) to enable real-time visibility into the reserves backing GBPT, our fully-backed GBP stablecoin regulated in the British Isles. Chainlink PoR is also used to help secure the minting function of GBPT, helping ensure that the circulating supply of GBPT does not increase beyond the amount of off-chain fiat reserves held via safeguarded accounts at Bank Frick.
Poundtoken has previously announced our intent to integrate Chainlink—find more information about the technical details of the integration and the automated workflow that helps ensure that no unbacked GBPT can be minted.
Poundtoken is a British Isles-regulated and fully backed GBP stablecoin. Designed for stability, GBPT is 100% backed by GBP held in GBP-denominated bank accounts so that it’s always redeemable 1:1 for pounds sterling. Poundtoken enables businesses to send and receive near-instant international payments; institutions to make markets and simplify international remittance; and individuals to transfer money, make cross-border payments, and participate in decentralized finance and Web3.
Chainlink PoR is a decentralized audit solution that provides users with on-chain proof regarding the collateralization of on-chain or cross-chain assets. The decentralized service achieves this by comparing the asset’s current supply to the reserves backing it—in this case, the off-chain reserves backing GBPT.
With this integration, GBPT users can feel confident that they have an accurate, highly available, and transparent source of information regarding the reserves backing the stablecoin. The end result is GBPT becoming a more reliable form of collateral and payment across CeFi, DeFi, and other Web3 verticals.