BCP Technologies, a UK-registered cryptocurrency firm, has officially launched a new stablecoin backed by the British pound—Tokenised GBP (tGBP).
Now live on the firm’s crypto trading platform, BCP Markets, tGBP is available to users who complete Know Your Customer (KYC) verification, with listings on major exchanges anticipated in the coming weeks.
BCP Technologies CEO Benoit Marzouk said:
“There are two large exchanges that we are finalising details with. We are hoping to be able to announce these in the following weeks.”
The launch of tGBP closely follows the UK Financial Conduct Authority’s (FCA) 28 May release of a public consultation outlining proposed regulations for stablecoin issuers and crypto custodians.
Marzouk noted that tGBP may serve as a “live proof-of-concept” for the FCA’s forthcoming regulatory framework.
The CEO noted:
“BCP works closely with the FCA, and will participate in the FCA roundtable discussion on July 4 on the recently published consultation paper.”
The stablecoin’s rollout follows a 14-month product submission through the FCA Connect portal and a one-month evaluation within the FCA’s regulatory sandbox—positioning BCP Technologies at the forefront of compliant digital asset innovation in the UK.
tGBP is fully backed by cash reserves held in a segregated bank account, with each token representing one British pound.
Issued as an ERC-20 token, tGBP is initially launched on the Ethereum blockchain, ensuring compatibility with a wide range of wallets and decentralised applications.
Marzouk stated:
“BCP proposes in the future to back tGBP with short-term UK government bonds, in line with the FCA discussion paper.”
BCP Technologies, the issuer of tGBP, has been a registered crypto asset service provider with the UK’s FCA since 2021.
Formerly operating under the name BitcoinPoint, the company brings regulatory credibility and experience to this latest stablecoin initiative.
He added:
“Historically, it was a platform ‘BitcoinPoint’ to democratise access to Bitcoin, where anyone could buy Bitcoin easily. When the regulation came in 2020, BCP had to stop cash and pivoted into a more standard ‘buy online’ app. BCP was the first crypto company to implement open banking; you could buy Bitcoin by linking your bank account instantly.”
At launch, tGBP is designed to serve a wide spectrum of use cases, positioning itself as a versatile tool across both retail and institutional settings.
It offers an alternative to traditional banking for self-custody by individuals and businesses, while also supporting cross-border transactions, institutional collateral management, and DeFi lending protocols.
According to Marzouk, the stablecoin is also expected to become a key settlement layer for tokenised assets—such as bonds, securities, and real estate—anchoring the pound in an increasingly digitised financial ecosystem.
The CEO said in the announcement:
“Stablecoins enable open, instant, and frictionless transfers, free from volatility. Our vision is to abstract the complexity of blockchain with the familiarity of a GBP denomination, ultimately replacing GBP e-money with our GBP stablecoin.”
BCP’s launch enters a market with notably limited competition.
CoinGecko data reveals only two actively tracked British pound stablecoins—VNX British Pound (VGBP) and Celo British Pound (CGBP)—which together hold a market cap under $500,000.
Other initiatives include Blackfridge’s 2022 “poundtoken” (GBPT) and Agant’s GBPA stablecoin, developed under the Digital Pound Foundation.
Even Tether, the issuer of the largest stablecoin USDt, attempted a pound-backed stablecoin in 2022, but it has yet to gain meaningful market traction.
This landscape highlights the significant opportunity and challenges awaiting new entrants like BCP.
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