The jGBP is what is called a synthetic fiat currency, meaning that it is not anchored to an off-chain fiat reserve. Instead, it tracks the price of the British Pound against the price of the US dollar via a peg mechanism with USDC, one of the biggest and most trusted USD stablecoin on the market.
By being linked to the USDC and redeemable with it, the jGBP directly benefits from its vast liquidity and deep integration within the ecosystem. The jGBP can therefore be used for any type of volatility-free payment or trading operations on the Ethereum and Polygon networks.
The jGBP is issued and can be exchanged on Synthereum, the on-chain Forex protocol developed by Jarvis Network.
It can be issued by a borrowing mechanism, where anyone can deposit USDC in the protocol and receive 75% of the deposit's value in jGBP. The liquidity provider receives in reward 50% of trading fees generated on Jarvis, as well as UMA tokens.
The following currency pairs are available to sell jGBP with our off ramp service.
The most common questions that our clients ask us are all answered there. Have a look!
We accept clients from all countries, except US persons and residents of:
Afghanistan, Belarus, Burundi, Central African Republic, Democratic Republic of the Congo, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mainland China (Hong Kong and Taiwan accepted), Mali, Myanmar, Nicaragua, North Korea, Somalia, Sudan, South Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe.