ClearBank to provide banking services to Poundtoken, will hold its stablecoin reserves at the Bank of England

ClearBank has announced that it has been selected by Poundtoken to provide banking services, allowing it to hold its fiat-backed stablecoin reserves in the Bank of England. ClearBank provides secure accounts, real-time settlement, and embedded banking services for financial institutions. It is reported that Poundtoken is the first regulated issuer of the GBP stablecoin in the UK. The fiat-equivalent assets of Poundtoken (GBP) are "held in secure and segregated bank accounts to support a one-to-one exchange with the pound sterling." In addition, ClearBank will also provide real-time transfer services.