BCP Technologies, a UK-based crypto asset service provider registered with the Financial Conduct Authority (FCA), has launched a new pound-backed stablecoin, Tokenised GBP (tGBP), in a move that may signal the future direction of regulated digital sterling issuance.
BCP Technologies launches rare tGBP stablecoin
Unveiled on 3rd June and now live on BCP’s proprietary platform, BCP Markets, tGBP is fully backed by fiat currency held in segregated UK bank accounts.
The stablecoin operates as an ERC-20 token on the Ethereum blockchain, offering both transparency and interoperability with the broader decentralised finance (DeFi) ecosystem.
The launch of tGBP closely follows the FCA’s release of a consultation paper on stablecoin regulation, with BCP CEO Benoit Marzouk suggesting that tGBP could serve as a “live proof-of-concept” for the regulator’s evolving framework.
The company recently completed a trial within the FCA’s Regulatory Sandbox in May and is set to join the FCA’s forthcoming roundtable on 4th July.
“Our aim is to deliver a trusted, accessible alternative to traditional e-money,” Marzouk commented.
“By combining the familiarity of the pound with the speed and programmability of blockchain, we are bridging the gap between the traditional financial system and Web3.”
Beyond crypto trading, tGBP is being positioned for multiple real-world use cases, including cross-border payments, corporate treasury solutions, collateral management, and the settlement of tokenised assets.
BCP also envisions the stablecoin becoming the core GBP rail for DeFi lending and decentralised marketplaces.
In the medium term, BCP plans to align tGBP’s reserve model with the FCA’s proposed standards by incorporating short-term UK government securities into its backing assets – similar to how some dollar stablecoins hold US Treasuries.
The pound-pegged stablecoin landscape remains sparsely populated, with only a handful of alternatives – such as VGBP, CGBP, and Blackfridge’s GBPT – capturing minimal market share.
In contrast, tGBP enters the market with the backing of an FCA-registered issuer and ambitions for widespread institutional adoption.
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