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.