ClearBank provides banking services for Poundtoken and will hold its fiat-backed stablecoin reserves at the Bank of England

ChainCatcher news, according to Crowdfund Insider, ClearBank has announced that it has been selected by Poundtoken to provide banking services, allowing it to hold its fiat-backed stablecoin reserves at the Bank of England. ClearBank offers secure accounts, real-time clearing, and embedded banking services for financial institutions.

It is reported that Poundtoken is the UK's first regulated issuer of a pound stablecoin. The fiat equivalent assets of Poundtoken (GBP) are "held in secure and segregated bank accounts to support a one-to-one exchange for pounds."

In addition, ClearBank will also provide real-time transfer services.