BCP Technologies Launches First British Pound-Linked Stablecoin tGBP
BCP Technologies has launched the first stablecoin denominated in British pound sterling, Tokenised GBP (tGBP), under UK regulation. This follows a 14-month review, including one month in the FCA regulatory Sandbox that ended on 31 May.
- tGBP is fully backed 1:1 by reserves at a UK-regulated financial institution and is redeemable for sterling at any time.
- The stablecoin market has a collective cap of $250 billion, predominantly in USD-pegged tokens like Tether’s USDT and Circle’s USDC.
- BCP Technologies aims to simplify blockchain use with a GBP-denominated stablecoin, targeting to replace GBP e-money.
- The launch coincides with the FCA's public consultation on stablecoin and crypto custody rules that began on 28 May.