BCP Technologies, a UK-registered cryptocurrency firm, has launched a new stablecoin, the Tokenised GBP (tGBP), backed by the British pound after a 14-month review in the FCA's regulatory sandbox. The launch was announced on June 3 and is now live on BCP Markets, with plans for major exchanges to list tGBP soon. CEO Benoit Marzouk indicated that the tGBP could serve as a proof-of-concept for future FCA regulations on stablecoins. Each tGBP token is fully backed by cash held in a segregated bank account, representing 1 British pound, and it is initially issued on the Ethereum blockchain. BCP plans to back tGBP with UK government bonds in the future. The stablecoin aims to support various use cases, including cross-border payments and institutional collateral management. Currently, the market for pound stablecoins is limited, with only two other tracked stablecoins existing, signifying a niche opportunity for BCP's offering.

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