UK’s GBPT Stablecoin is Available in 18,000 ATMs
- The GBPT stablecoin will help improve crypto awareness in the UK and enable users to settle their daily financial needs in cryptocurrency.
- The UK has voiced its ambition to become a crypto hub, and the GBPT could pave the way for it.
- Stablecoins are digital assets whose value is pegged to that of a fiat currency such as the dollar or pound.
The United Kingdom’s native stablecoin, GBPT, will be made available to a network of 18,000 ATMs across the UK thanks to a partnership between Poundtoken and BitcoinPoint. The announcement reflects the UK’s ambition to use stablecoins for wholesale settlement and integrate blockchain technology into its economy.
Poundtoken is the official issuer of GBPT, which it claims is fully backed in pounds and has monthly attestations provided by KPMG. BitcoinPoint is a cryptocurrency exchange registered in the United Kingdom. The partnership between both platforms seeks to normalize the use of crypto for daily financial settlement.
Crypto users in the United Kingdom will be able to swap cryptocurrencies such as Ethereum and Bitcoin at ATMs across the country. With GBPT listed on BitcoinPoint, users can access wholesale and retail payments using the GBPT stablecoin and use a familiar currency as an access point to crypto.
The United Kingdom has the second-largest European economy. However, the country has focused on integrating stablecoins into its economy and recruiting talent experienced in central bank digital currencies (CBDC).
Prime Minister Rishi Sunak has also voiced his support for “digital settlement assets,” which is the UK’s preferred term for cryptocurrency. The UK’s focus on digital assets such as stablecoins also aligns with its goal to become a crypto hub.
The GBPT stablecoin will undoubtedly increase crypto awareness in the UK and onboard new users to the industry. The adoption of stablecoins has spread across the globe, from Argentina, which suffers from inflation, to Switzerland, a major financial powerhouse in Europe.
However, the effects of the Terra algorithmic stablecoin disaster are still felt today in the cryptocurrency sector, causing several governments to restrict their use completely, including Hong Kong.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
