[TGBP] MIP6 Collateral Onboarding Application

[TGBP] MIP6 Collateral Onboarding Application for True GBP Token

  1. Who is the interested party for this collateral application?


  1. Provide a brief high-level overview of the project, with a focus on the applying collateral token.

TGBP is a fully collateralized custodial stablecoin, backed 1:1 by British Pounds held in reserve. This allows users to transfer and use GBP on the Ethereum network.

  1. Provide a brief history of the project.

TrustToken launched their initial TUSD stablecoin in March 2018. They have since expanded their line of tokens to include several other fiat currencies, including TGBP, TCAD, TAUD, and THKD. TGBP became available for use in April of 2019.

  1. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.

Website: https://www.trusttoken.com/truegbp

Source Code: GitHub - trusttoken/smart-contracts: TrustToken smart contracts

TGBP token contract: https://etherscan.io/token/0x00000000441378008ea67f4284a57932b1c000a5

  1. Link any available audits of the project. Both procedural and smart contract focused audits.

Real time attestation of reserves: TrustExplorer - real-time audit

I wasn’t able to find any technical audits specific to TGBP on the TrustToken website. Presumably the technology is similar to TUSD. I defer to a representative of TrustToken to clarify if any separate audits have been conducted.

For reference, there is a discussion thread about the technical costs of maintaining TUSD collateral type due to the complexity of the token contract and frequency of upgrades. Similar concerns may apply to TGBP.

  1. Link to any active communities relating to your project.

Twitter: https://twitter.com/trusttoken

Telegram: Telegram: Join Group Chat

  1. How is the applying collateral type currently used?

TGBP is used as an on chain representation of the British Pound fiat currency. The vast majority of DeFi transactions are conducted in USD, so there’s limited direct usage in Ethereum apps. There is a pool for TGBP/ETH on Uniswap v1. Celsius (custodial lending service) offers interest on TGBP deposits.

  1. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?

TrustToken controls the ethereum smart contracts, while the underlying GBP funds are held by qualified custodians.

I will defer to a representative of TrustToken to clarify the exact legal structure and jurisdictions involved.

  1. Where does exchange for the asset occur?

TGBP is traded on Uniswap v1 (fairly low liquidity), and can be redeemed directly through TrustToken via their website (KYC required). TGBP may also be used by OTC desks.

  1. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.

I defer to TrustToken for any legal opinions on regulatory standing.

  1. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.

I defer to TrustToken for info about any regulatory registrations.

  1. (Optional) List any possible oracle data sources for the proposed Collateral type.

There are numerous reputable sources for GBPUSD price data which could be used to represent the TGBP price.

  1. (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.

TGBP has lower on chain liquidity, so auction keepers would likely need to open/maintain an account with TrustToken for the purposes of redeeming TGBP.

Because TGBP is not USD pegged, a TGBP vault type may remain useful even if the peg stability module mostly eliminates the need for USD stablecoin vaults. As an example, GBP based investors could borrow DAI against their TGBP to participate in DeFi without taking on forex risk.


Hey @monet-supply, thanks for posting the TGBP application here. We’re very excited about the potential here and think having multiple, real-time-audited, non-correlated stablecoins could significantly strengthen the Maker system.

I wanted to post a link to the relevant thread responding to some community concerns about TrueCurrencies:

Overall, we’re looking forward to working with the community to onboard TGBP and are ready to commit several hundred thousand dollars worth of TGBP to create vaults, borrow DAI, and sell into the market in order to help stabilize the DAI peg, in addition to running a keeper for this collateral type.

Our team is available to answer any questions about TGBP the community has.


Hey all,

We have completed a refactor of our True Currencies smart contracts and plan on upgrading the TrueGBP smart contract. These upgrades are meant to simplify our stablecoin code in order to increase transparency and compatibility. Below is the proposed implementation, which is currently undergoing audit:


Git branch for new contract:

Cheers everyone!


Hey folks, the MIP9 Poll for TGBP just went live: https://vote.makerdao.com/polling-proposal/qmnzasbhsdc9rxynkz6gs39albwqhnlewzukmjfdtwj8zu

Would really appreciate your support- I think we’ve addressed the concerns the community had around TGBP but if we missed anything please let us know. Looking forward to working together!


As a member of the TrustToken team, I wanted to express we are excited to have TRUE currencies evaluated and hope everyone sees our commitment to the community. We strive to build the future of defi responsibly with strong ethical standards, code and security! We appreciate your support of TrueGBP.


@LongForWisdom do we consider TGBP to be green-lit at this point or do we have to wait ~11 days until the vote officially closes?

1 Like

@rafael.cosman You will have to wait.


About to ship the update that we shared with your smart contract team a while ago. Let us know if there are any questions or concerns.

Just wanted to share an update here: the TrueGBP upgrade is complete. This upgrade was already reviewed by the maker team, please let us know if there are any questions or concerns.