There are just two existing GBP stablecoins (tGBP and sGBP). There are many USD stablecoins, at least one EUR stablecoins and the CNY is close to completing its initial rollout across parts of China. It seems likely that the market will support a number of GBP stablecoins given the size of the economy and the historical strength of the UK foreign exchange businesses. We are working on a new proposal is to instantiate a UK overcollateralised stablecoin based on the MakerDAO dai experience
Decentralized Finance
We have been investigating opportunities in this space since September in order to put some of our existing cryptocurrency assets to work. In November we set up a Ren node, opened positions in a number of liquidity pools (including a brand new index token which holds the tokens of the underlying constituents which you can break out at any time), identified two new opportunities (GBP overcollateralised stablecoin, and a token which tracks the price of carbon), made many new and relevant contacts, and (possibly) made a bit of money (depending on how you look at it).
In order to progress these opportunities I think it would be wise to set up a DAO to represent Shoreditch Capital Markets (a family office set up to represent the interests of a number of families) into which can be placed the existing assets of the current ‘number one’ account and on whose behalf business should be conducted. It would make further sense to establish a further DAO to promote the aims of the GBP stablecoin and the Carbon token with the eventual aim of being community run.