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 provides secure accounts, real-time clearing, and embedded banking services to the Financial Institution Group. Poundtoken is understood to be the UK's first regulated sterling stablecoin issuer. The fiat equivalent of Poundtoken (GBP) is "held in secured and segregated bank accounts to support one-for-one conversion to sterling." In addition, ClearBank will also offer real-time money transfers.