Poundtoken recently announced integrating Chainlink PoR (Proof of Reserve). The integration will help the platform secure GBPT minting and enhance collateral transparency throughout its ecosystem.
It will also enable real-time visibility of the GBPT reserves regulated in the British Isles. The leading decentralized oracle network will propose an automated workflow to ensure GBPT’s circulating supply does not cross the off-chain fiat reserves held by custodians.
It facilitates real-time reserve data on-chain via an API connection to the custodians. The bank data is stored, retrieved, and showcased on-chain frequently whenever GBPT is redeemed or issued.
Thus, it allows Poundtoken to transparently show token holders that GBP backs the tokens in circulation in reserve. Chainlink PoR ensures that the data’s visibility, timeliness, and integrity remain optimal.
As a regulated and backed GBP stablecoin, Poundtoken has been designed for stability. It is completely backed by GBP represented in bank accounts to ensure its 1:1 redeemability. The stablecoin allows projects to send and receive almost instant international payments.
It also allows institutional investors to simplify international remittances and make markets. In addition, Poundtoken lets individual users conduct cross-border payments, take in DeFi and Web3, and transfer money.
The stablecoin was in search of an automated and decentralized verification solution to ensure the GBPT circulatory supply matches the pounds shown in reserves. Chainlink is the most reliable and tested oracle network that has secured billions of dollars for several projects.
Thus, the latest integration adds a layer of security and reliability to help users feel confident about the accuracy, availability, and transparency of GBPT. It will result in GBPT becoming a reliable form of payment and collateral tool across DeFi, CeFi, and similar Web3 domains.
Alan Sun, Poundtoken’s CEO, expressed delight about the partnership. As per Sun, using Chainlink PoR will elevate the trustworthiness of GBPT. Chainlink is the state-of-the-art oracle network, allowing it to enhance the verifiability and transparency of the regulated stablecoin.