Poundtoken is pleased to announce that we are integrating Chainlink Proof of Reserve (PoR) to enable the real time visibility of the reserves of GBPT, our fully backed GBP stablecoin issued by poundokten which is regulated in the British Isles. In addition, Chainlink PoR will be used to help secure the minting function of GBPT.
Through an automated workflow, the industry-leading decentralized oracle network helps assure that the circulating supply of GBPT does not increase beyond the amount of off-chain fiat reserves held via safeguarded accounts at a custodian.
Chainlink PoR helps bring real-time reserve data on-chain through direct API connection to Poundtoken’s custodian. The bank reserve data which is retrieved, stored, and displayed on-chain periodically, or triggered when GBPT is issued or redeemed, enables us to transparently show holders of GBPT that the tokens in circulation are 100% backed by GBP held in reserve. Chainlink’s technology ensures the timeliness, integrity and visibility of the data.
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.
Poundtoken sought a decentralized, automated verification solution to consistently help assure that the circulating supply of GBPT reflects the British pounds held in reserves. Chainlink, which powers the PoR data feed, is the most time-tested and historically reliable oracle network in the blockchain industry, helping to secure tens of billions of dollars for top DeFi projects.
With this integration of Chainlink’s decentralized infrastructure, 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.