BCP Technologies said it has launched its own British pound-backed stablecoin called tGBP.
While many companies, such as Tether and poundtoken, have tried and failed to launch a successful British pound-backed stablecoin, BCP Technologies is going for gold with its newly launched stablecoin, tGBP.
BCP Technologies introduces its tGBP British pound stablecoin
BCP Technologies, a cryptocurrency firm registered in the United Kingdom, said it has launched a new British pound-backed stablecoin, Tokenised GBP (tGBP).
The firm said it has approval from the UK’s Financial Conduct Authority (FCA), and it announced the launch on June 3, 2025, in a statement.
The tGBP stablecoin is now available for purchase to customers who successfully pass the KYC verification on BCP Technologies’ crypto trading platform, BCP Markets.
According to the company, the stablecoin will soon be listed on multiple major cryptocurrency exchanges, with two major listings currently in advanced stages of negotiation.
“There are two large exchanges that we are finalising details with. We are hoping to be able to announce these in the following weeks,” BCP Technologies’ CEO, Benoit Marzouk, said.
The stablecoin was launched after an intensive 14-month submission process through the FCA Connect portal, and a one-month pilot run in the FCA regulatory sandbox, which is a controlled environment that allows firms to test innovative products with real consumers under regulatory supervision.
GBP stablecoins are in short supply
The tGBP stablecoin is built as an ERC-20 token on the Ethereum blockchain and is backed on a 1:1 basis with British pounds held in segregated bank accounts. According to the company, this structure ensures both transparency and stability.
“BCP proposes in the future to back tGBP with short-term UK government bonds, in line with the FCA discussion paper,” Marzouk told Cointelegraph.
BCP Technologies, formerly BitcoinPoint, has undergone a transformation since it became an FCA-registered crypto asset service provider in 2021.
“Historically, it was a platform ‘BitcoinPoint’ to democratise access to Bitcoin, where anyone could buy Bitcoin easily,” Marzouk explained.
With the introduction of new regulations in 2020, the firm shifted from its cash-based services to a fully digital platform.
With tGBP, individuals and businesses can hold the coin directly in their wallets as an alternative to traditional bank accounts. Like popular USD stablecoins such as USDT and USDC, coin offers an efficient way to send funds across borders and bypasses traditional banking delays and fees.
Financial institutions can use tGBP as collateral in crypto-native lending and settlement processes, and the token is designed to facilitate settlements for tokenized real-world assets like securities, bonds, or real estate.
“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,” Marzouk said in the company’s announcement.
According to data from CoinGecko, only two British pound stablecoins, VNX British Pound (VGBP) and Celo British Pound (CGBP), are currently tracked. Together, they both have a market capitalization of under $500,000.
Other projects like poundtoken (GBPT), which was launched by Blackfridge in 2022, and GBPA, developed by Agant, also exist but have yet to see meaningful adoption. Even Tether, the issuer of the world’s most widely used stablecoin (USDT), failed to make a significant impact with its British pound offering launched in 2022.
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