BCP Technologies, a UK-based crypto firm, has officially launched Tokenised GBP (tGBP)—the first FCA-registered stablecoin backed by the British pound. The ERC-20 token went live on June 3 via the company’s in-house trading platform, BCP Markets, marking a milestone for pound-denominated digital assets in the UK.
Users can now access tGBP by completing Know Your Customer (KYC) verification. CEO Benoit Marzouk stated that the asset will be listed on two major centralized exchanges in the coming weeks, with broader distribution planned as the company expands its partnerships.
The launch comes just as the UK Financial Conduct Authority (FCA) opens public consultation on its proposed regulatory framework for stablecoins and crypto custody services. Marzouk called tGBP a “live proof-of-concept” for what stablecoin compliance could look like under the UK’s evolving digital asset laws.
“BCP works closely with the FCA and will participate in the July 4 roundtable discussion focused on the new consultation paper,” Marzouk added.
tGBP’s rollout follows a 14-month application process through FCA Connect and a final evaluation in the agency’s regulatory sandbox, further highlighting BCP’s intent to lead with a compliance-first approach in a market still finding its footing.
tGBP Goes Live on Ethereum with Plans for Government Bond Collateral
Initially issued as an ERC-20 token on Ethereum, tGBP is fully backed by fiat GBP held in segregated bank accounts, enabling a strict 1:1 redemption ratio. BCP Technologies has confirmed plans to eventually evolve its collateral model by backing the stablecoin with short-term UK government bonds—a move that aligns with regulatory preferences discussed in the FCA’s ongoing consultation.
BCP has been FCA-registered since 2021 and previously operated under the name BitcoinPoint, a retail crypto platform designed to simplify Bitcoin purchases using open banking. The pivot to stablecoin infrastructure reflects a strategic shift toward more institutionally aligned digital asset services.
“BCP was the first crypto company to implement open banking—you could buy Bitcoin by linking your bank account instantly,” Marzouk noted.
tGBP Targets Real-World Use Cases
Beyond speculative trading, tGBP is being positioned for diverse use cases across consumer, enterprise, and institutional segments. Designed for self-custody by individuals and businesses, the token aims to offer a programmable alternative to conventional GBP payment and settlement systems.
BCP envisions tGBP playing a key role in cross-border payments, collateral for institutions, and integration with DeFi protocols. One of the most compelling applications may lie in on-chain settlement infrastructure for tokenized bonds, real estate, and securities—especially as traditional financial institutions begin to explore blockchain-based operations.
Despite a global surge in stablecoin adoption, GBP-backed tokens remain rare. According to CoinGecko, only VNX British Pound (VGBP) and Celo British Pound (CGBP) are currently tracked, with a combined market cap of less than $500,000. Other projects, such as Blackfridge’s GBPT and Agant’s GBPA, have failed to gain significant traction, while Tether’s GBPT, launched in 2022, has seen limited adoption.
This market vacuum presents a first-mover opportunity for tGBP. If BCP’s regulatory-first strategy resonates with institutions and fintech innovators, tGBP could quickly become the go-to pound stablecoin for the UK’s emerging on-chain financial infrastructure.
Quick Facts
- tGBP is the UK’s first FCA-registered stablecoin backed by the British pound.
- It is live on BCP Markets and issued on Ethereum as an ERC-20 token.
- Fully fiat-backed, with future plans to collateralize using UK government bonds.
- BCP Technologies has been FCA-registered since 2021, formerly operating as BitcoinPoint.
- The UK’s GBP stablecoin market remains underdeveloped, presenting a first-mover advantage.
