The London Block Exchange (LBX) are introducing LBXPeg, a Stablecoin that will be backed by GBP reserves. A third party bank, which has not been revealed yet, will be responsible for holding the one-to-one reserves of the new Stablecoin. The company would be initially using Ethereum’s blockchain for the development and distribution of the stablecoin, LBXPeg will be an ERC-621 token that is built around the ERC-20 standard.