BCP Technologies has launched the first British pound-backed stablecoin from an FCA-registered crypto issuer.
BCP’s tokenized GBP (tGBP) is backed 1:1 by reserves held in a segregated account at a UK-regulated financial institution, allowing for full redeemability for sterling at any time.
After a year-long review process—including a month in the FCA’s regulatory sandbox—the stablecoin is now live. As the stablecoin market expands, BCP aims to capitalize on the limited GBP options, typically issued by offshore entities with low liquidity.
tGBP leverages the reliability of UK financial infrastructure for its minting and redeeming processes while incorporating the speed and flexibility of blockchain technology.
Benoit Marzouk, CEO of BCP Technologies, states, “tGBP supports a broad range of use cases: GBP self-custody for retail and corporates, offering an alternative to banks (and their inherent fractional reserve risk), cross-border payments, institutional collateral management, and a GBP option for DeFi lending protocols, as well as on-chain access for bitcoin-backed loans.
“In the future, it may also serve as the main GBP rail for settling tokenized assets like bonds, securities, or real estate.”