Trying Out GBP Backed Stablecoins by nickyhavey

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hive-167922 · @nickyhavey · Feb 25 '21

$16.36

Trying Out GBP Backed Stablecoins

<center>![TGBP Stable coins.jpg](https://images.hive.blog/DQmb3hsXDWPVVmCw7ckBRjvexo7piMJ9FW2GVF7Eivf8KZ8/TGBP%20Stable%20coins.jpg)</center><center>*[Image Source](https://www.canva.com/media/MADQ5OusZgU)*</center>

[The other day](https://leofinance.io/@nickyhavey/oh-you-mean-bitcoin-price-doesn-t-always-go-up), I talked about corrections and possible ways of mitigating your risk if the volatility of double digit corrections in a 24 hour period for Bitcoin's price puts fear in your heart. One of the ways mentioned was to use "stable coins", the price of which are designed to be pegged to a fiat currency and, if done properly, are actually backed 1 to 1 by a fiat currency. I heard about a stable coin backed by the Great British Pound that can offer double digit interest rates on [Celsius](https://celsius.network/earn-rewards-on-your-crypto/) which peaked my interest from @chekohler called TrueGBP or TGBP for short.

The Celsius app points towards a company called [TrustToken](https://www.trusttoken.com/products) that is "100% collateralised", meaning they can't just mint new stablecoins for the sake of it. Instead, they will only mint a stablecoin if they have received fiat. I was still a little unsure so had a search to see if there had been any coverage of TrustToken and would you believe it, [CoinBureau](https://www.coinbureau.com/review/trueusd-tusd/) reviewed their stablecoin offerings and [reviewed TrustToken as a company](https://www.coinbureau.com/review/trusttoken/) too, which put my mind at rest. There's also a lot of Reddit forums and TrustToken's customer service is pretty decent if you have questions - more info about their stable coin offerings [here](https://blog.trusttoken.com/truecurrencies-6ab1445fa70e).

<hr>

### How To Get TGBP

As far as I can tell, [TrustToken](https://www.trusttoken.com/products) is the only place where you can mint/buy their GBP backed stablecoin, called TrueGBP or TGBP, directly. If you wanted to, you can use Uniswap to get some off the market as it pairs with ETH but as we all know, fees are a big thorn in the side right now. I did try getting TGBP from Uniswap and quickly saw $100 worth evaporate in front of my eyes with fees!

If you're looking for the direct route then you'll need to set up an account with TrustToken, which, as you might expect by now, you have to go through KYC for Anti-Money Laundering (AML) purposes as the company is based in US and so has US jurisdiction. Obviously, this will probably put people off so if you can handle the fees and are good with accounting for those taxable swapping events, use Uniswap.

Once you're set up on TrustToken, you'll need to provide an ETH address as the stablecoins are ERC20 tokens that are minted direct to your ETH wallet. After that, send your GBP if you want TGBP (but if you want their other stable coins, you'd send the relevant fiat currency like CAD, AUD, USD and HKD) and then, once it's all processed, you'll get notified by email that it was a success. 

Check your ETH wallet address that you provided and you can then do whatever you want with it!

<hr>

### HODL Or Earn Interest?

For me, I'd like to earn interest and as my favourite lending platform [Celsius](https://celsiusnetwork.app.link/1201783480) offers at least 10% interest on TrustToken issued stable coins, I'm all about earning that compound interest. Why? Well, I did cover the [power of compound interest](https://leofinance.io/@nickyhavey/the-power-of-compound-interest) in a recent post that showed examples of how you can get your tokens working for you just by holding them in a lending/interest earning account. Over the course of 10, 15, 20 years, you can really see how the compound interest just goes exponential and gives you something to aim for in the future - it's like HODL on steroids lol.

Of course, you're not in control of your keys with lending platforms and so the whole "not your keys, not your crypto" thing comes in to play. However,  I've been keeping in the loop with developments on Celsius it seems like they will be launching their own community "insurance" which would cover your cryptoassets in case something bad happens. 

Depends really on how you feel and whether you're new to crypto or more seasoned but I'll let you conduct your own research as I'm not a financial advisor and this isn't financial advice, obviously!

What's your approach to stable coins? Do you think they are funny money or a useful way to mitigate risk and build your portfolio? Let me know in the comments below!

Take care

Nicky

<hr>

<center>*[Celsius Referral Link](https://celsiusnetwork.app.link/1201783480)
Deposit $200 in your first transaction 
We both get $30 in BTC
Earn compound interest*</center>.



Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@nickyhavey/trying-out-gbp-backed-stablecoins)

👍 leo.voter, buildawhale, jphamer1, themarkymark, tipu, steemcleaners, spectrumecons, therealwolf, revisesociology, abh12345, traciyork, livinguktaiwan, dcityrewards, captainhive, nateaguila, plantstoplanks, ctime, hivewatchers, marfonso, gabrielatravels, organduo, smartsteem, scholaris, emrebeyler, chekohler, almi, ninnu, someguy123, exyle, oldmans, ezzy, donald.porter, foxon, mytechtrail, gerber, hivehustlers, dandays, currentxchange, thisisawesome, phortun, joanstewart, one.tribe.radio, bozz, accelerator, khaleelkazi, daan, steem.leo, dlike, ctpsb, yourtop3, djlethalskillz, pixelfan, huaren.news, piotrgrafik, dannewton, mice-k, purefood, makerhacks, breakoutthecrazy, maxuvd, alphacore, paasz, pladozero, laputis, and 352 others

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iamevilradio	2,081,644,487	10%
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tobias-g	1,172,040,579	15%
twanz	532,728,616	100%
operahoser	1,276,516,285	2%
happy-soul	524,473,460	6.5%
atomcollector	4,369,586,591	5%
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kryptoe	1,915,438,337	6.6%
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jglake	3,332,849,670	20%
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musiciansupport	15,638,825,235	100%
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bretho	1,248,329,215	95%
junkfeathers	12,626,483,486	10%
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starfinger13	2,571,661,628	75%
donald.porter	100,538,897,985	26%
motorway	1,571,348,762	100%
lillywilton	3,569,651,528	20%
skaarl	10,695,454,793	50%
dalz	17,554,966,019	2.5%
volareo	598,687,598	10%
jk6276	788,990,555	10%
p4ragon	3,929,681,340	50%
luppers	1,834,134,664	2.5%
dlike	50,916,183,032	5%
cubapl	860,147,947	10%
triptolemus	616,182,272	41%
whymonkey	14,561,862,435	100%
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mobi72	2,513,052,478	15%
bobby.madagascar	1,144,469,723	2.5%
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ldp	586,044,566	5%
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memeteca	1,129,092,495	8.58%
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bufinjer	4,112,859,475	50%
deepsouthpiddlin	3,987,083,655	20%
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threejay	1,670,175,202	2.5%
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thisisawesome	72,313,420,084	15.02%
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vxc	352,501,365	13.75%
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mind.force	3,233,456,535	5%
milu-the-dog	2,155,064,409	5%
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tiffin	528,724,156	10%
steem.leo	54,960,576,648	5%
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empoderat	5,187,839,314	5%
vxc.leo	61,150,012	21%
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binodkatuwal	1,727,053,505	100%
babytarazkp	3,135,882,688	40%
poam	677,257,840	40.59%
arctis	585,658,389	40.18%
maddogmike	9,884,717,846	25%
fundakantoria	955,321,363	10%
eloi	630,867,369	40.59%
botante	2,143,068,251	0.87%
ph1102.ctp	243,840,112	0.88%
refinement	622,331,037	41%
furtherance	609,472,279	41%
beta500	4,134,358,193	5%
elianaicgomes	6,888,299,182	14%
kaeves4711	2,063,642,293	25%
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rpi	16,675,742	10%
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leotrail	1,185,070,675	41%
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huaren.news	35,695,115,302	100%
toni.ggame	0	1.84%
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empoderat.leo	0	5%
ribary	1,664,627,760	2.5%
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platino94	0	5%
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thepeakstudio	880,746,054	25%
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bnk	11,018,591,624	8.58%
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hivelist	4,809,268,870	0.5%
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rmsadkri	17,365,601,644	35%
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hive-108278	13,798,758,182	50%
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dying	3,202,659,062	5%
leoneil.leo	5,647,347	10%
ctpsb	50,754,543,298	2%
thahodler	295,285,670	100%
ph1102.ctptrail	0	1.49%
abdul.qadir	19,205,853	2.9%
yourmarklubbers	12,914,178,062	100%
ztfo	635,278,498	38.95%
bepresent	565,643,497	38.95%
jobar	674,944,514	41%
kaef	634,993,773	38.95%
digitalfox	605,740,933	50%
tenantreports	442,151,560	25%
gcomplex	619,822,445	41%
hanez	727,163,641	41%
minebb	620,744,167	39.77%
siirif	68,815,323	50%
plasticsoul	623,787,246	41%
scrpt	624,554,489	41%
druma	652,291,723	41%
ropehold	618,066,663	41%
strk	602,767,384	41%
hemerit	632,022,124	41%
midtrain	626,333,087	41%
starle	625,133,564	41%
thorc	616,124,163	41%
meta.condeas	2,318,578,898	40%
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flowc	613,150,131	41%
psgood	642,070,476	41%
tv-d	615,114,509	41%
supersla	612,792,868	41%
alorian	613,912,713	41%
slat	595,714,079	41%
protoleo	596,095,666	41%
muski	556,254,686	41%
twrk	609,724,265	41%
yayogerardo	545,957,418	100%
eth2	613,690,018	41%
hivechat	555,367,190	2.5%
he-index	9,477,474,367	20%
tslap	617,618,284	41%
hodol	572,203,960	41%
theco	618,101,475	41%
muskland	581,347,086	41%
hochismin	625,919,916	41%
finleo	606,621,347	41%
givup	641,688,116	41%
etheru	655,342,072	41%
ctpsb.leo	645,994,452	100%
bynd	638,141,765	41%
elong	649,286,235	41%
logroll	652,907,654	41%
outperform	643,510,598	41%
perfi	654,780,626	41%
foreo	627,378,876	41%
capsule	649,046,233	41%
sn8	648,724,165	41%
fundament	646,247,761	41%
rob23	4,615,501,076	100%
index-a	640,366,588	41%
kropak	637,144,594	41%
bitbi	640,878,693	41%
ctpsb.cut	709,086,911	20%
feelfor	647,602,609	41%
shurbertum	0	5%
mercador	636,897,928	41%
companyx	654,214,424	41%
hallogen	659,183,346	41%
hodldays	639,272,979	40.59%
mandawanda	644,490,842	41%
crc	0	10%
portfoliomargin	661,430,469	41%
one.tribe.radio	71,162,540,917	100%
fremo	636,740,908	41%
deliveries	619,246,777	39.77%
jackedup	612,635,509	39.77%
tierbtc	623,413,697	40.18%
compoundin	636,178,699	40.59%
hive-163105	88,907,849	41%
frankjr	640,133,846	41%
waiting8	616,214,844	39.77%
starked	635,087,038	41%
mk2	618,216,543	38.95%
ghostdrive	636,385,550	39.77%
thatbull	645,763,579	41%
heimdalla	606,192,410	40.18%
pitchleo	643,472,043	41%
hollywoodz	641,123,819	41%
zbh1	642,956,714	40.59%
blockhire	644,231,625	41%
f82	649,852,055	41%
natureway	643,597,179	41%
knowhere	641,082,807	41%
gamor	638,183,486	41%
dvision	647,161,277	41%
quantumant	650,084,192	41%
cvlwar	647,469,954	41%
sanctum	643,507,241	41%
challa	636,504,305	41%
cbridges573	2,650,826,390	14%
apeople	644,005,970	41%
quantumblank	659,004,936	41%
abh12345.archon	2,003,691,424	100%
endgames	704,273,201	41%
justbuild	645,049,324	41%
realleader	657,130,509	41%
gohodl	650,360,197	41%
leverup	637,759,185	39.77%
justcapital	651,880,073	41%
reflecting	645,858,912	41%
buildhedge	632,928,664	40.59%
elongate	646,975,372	41%
amongus	651,501,141	41%
seevision	627,361,306	40.18%
yellowstone	645,971,444	41%
runify	649,361,067	41%
thecouncil	366,017,540	20%
cybermusk	653,325,178	41%
star.leo	1,126,623,616	40%
cornerbreak	652,095,104	41%
findbalance	649,229,004	41%
saylorfy	665,456,171	41%
lasergang	650,617,264	41%
billionsight	651,461,017	41%
darkelon	674,080,063	41%
onemission	657,098,117	41%
totalrekall	692,472,970	41%

@bozz · Feb 25 '21

Very interesting.  I am still kind of learning about all of this DeFi stuff.  I started using the Diesel pools the other day, but I can't figure out where my tokens that I earn are going.  Nothing has really showed up in my wallet yet.  It is all very confusing!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-nickyhavey-2axes4)

👍 nickyhavey

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@nickyhavey · Feb 25 '21

I have heard about diesel pools but have absolutely no idea how they work. The DeFi stuff and pools and whatnot are a little beyond me so sticking to a "slightly safer" option but will probably play around - let me know how you get on!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nickyhavey/re-bozz-788wub)

👍 bozz

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@bozz · Feb 25 '21

Okay, I am just trying to find someone who can answer my questions at this point.  There doesn't seem to be an FAQ or anything.  Maybe someone will write a post about them eventually.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-nickyhavey-9cohd)

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@hivebuzz · Feb 25 '21

Congratulations @nickyhavey! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@nickyhavey/posts.png?202102251712"></td><td>You published more than 800 posts.<br>Your next target is to reach 850 posts.</td></tr>
</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@nickyhavey) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>



**Check out the last post from @hivebuzz:**
<table><tr><td><a href="/hivebuzz/@hivebuzz/pud-202103"><img src="https://images.hive.blog/64x128/https://i.imgur.com/805FIIt.jpg"></a></td><td><a href="/hivebuzz/@hivebuzz/pud-202103">Hive Power Up Day - March 1st 2021 - Hive Power Delegation</a></td></tr><tr><td><a href="/hivebuzz/@hivebuzz/tour-update2"><img src="https://images.hive.blog/64x128/https://i.imgur.com/xecznXF.png"></a></td><td><a href="/hivebuzz/@hivebuzz/tour-update2">Hive Tour Update - Communities</a></td></tr></table>

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@joanstewart · Feb 25 '21

$0.03

Never bought into ETH so sorry cannot comment as to hodling or not, however very interesting to learn of people linking this to an insurance of sorts. 

Are you going to give someone access to your private stash? Just kidding, it is interesting not sure how this will be implemented into the private world of blockchain.

@tipu curate

👍 dustsweeper, nickyhavey

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@nickyhavey · Feb 25 '21

I'm more a "try things out and see how it works" person so if it works, great! If not then at least I know!

Haha not much of a stash but looking forward to how elements of the traditional sector will integrate digital tokens and products in to their services. Love it!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nickyhavey/re-joanstewart-47swtn)

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@joanstewart · Feb 26 '21

$0.03

In early years I tried a couple, some you win some you lose, an attitude one has to adopt since not all will make the long run. One coin is still slowly building after terrible start, the coder is a person I trust. 

Always learning, surprised at how some are weaving tokens into the blockchain, new developments keep one on their toes.

👍 dustsweeper, nickyhavey

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1 reply

@revisesociology · Feb 25 '21

It's enough to make your head spin isn't it!?

Which stable coin?

I like the fact that this is audited, I don't like given away my crypto to celcius to earn interest

👍 nickyhavey

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@nickyhavey · Feb 25 '21

Funnily enough, stable coins are supposed to be easier to decipher but there's so many of them, take your pick!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nickyhavey/re-revisesociology-6wjbcb)

👍 amr008.leo, revise.leo

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@revisesociology · Feb 25 '21

A mix is best! 

Oh... watch out for USDr - the Rune stable coin. Coming shortly to a DEX near you.

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1 reply

@travelwritemoney · Feb 25 '21

I get TGBP through Crypto.com

Stablecoins are a good way to mitigate risk. 

One benefit is having emergency savings. If you suddenly need cash, stablecoins can readily be converted without tax implications. One of the problems with other cryptos is that you lose out on capital gains or lock in a loss if you are forced to liquidate suddenly. For this reason, stablecoins can act as a buffer for when you need cash. 

Stablecoins can also serve to hedge against currency fluctuations. For example, I could buy TUSD and TGBP. Depending on where I want to spend, I can tap into either one of those. Interest would be earned in each currency. If the dollar is weaker, I spend TGBP. If the Pound is weaker, I spend TUSD. 

Crypto.com offers 3 month, 1 month, and flexible deposit terms. The 3 month and 1 month terms work like CDs or bonds. The flexible term acts like a money market account. 

One final advantage that stablecoins offer is one against volatility of your overall crypto portfolio. You want some stable component to help smooth out the wild fluctuations of your portfolio. This helps lock in gains and helps keep you from freaking out to see your investments fluctuate wildly. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@travelwritemoney/re-nickyhavey-35qj4m)

👍 nickyhavey

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@nickyhavey · Feb 25 '21

Ah I did read about Crypto.com offering it but wasn't sure if you minted them there or just bought whatever supply they had. 

Stablecoins are still considered a crypto asset here in the UK so would need to see what the tax implications are here should earning stablecoins and interest etc becomes significant.

But definitely agree with the stability side of it and if you want to have that with your crypto portfolio then worth keeping a core of it in stablecoins so you don't have sleepless nights, which are quite common in crypto!

Thanks for sharing your experiences of TGBP and stablecoins 😀

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nickyhavey/re-travelwritemoney-4umhvs)

👍 travelwritemoney

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@trx01 · Feb 25 '21

i wonder: why not simply placing a stop limit in case the trade "goes south" (almost literally hah) instead of "hedging"? because this is quite common in the regular stock market...

👍 nickyhavey

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`post_id`	102,062,862
`net_rshares`	18,824,247,531
`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
nickyhavey	0 B		18,824,247,531	100%

@nickyhavey · Feb 25 '21

I'm not planning on selling myself but just exploring stable coins as another alternative to earn a bit on the side. I'm sure there's different approaches people will prefer and stop losses are very much an option. I try to stay off exchanges for an extended period if I can help it though!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nickyhavey/re-trx01-3knnvz)

properties (22)