BCP Technologies, a cryptocurrency company in the UK, has officially launched the pound-based stablecoin 'tGBP' after going through the Financial Conduct Authority (FCA) regulatory sandbox for 14 months.
tGBP has begun trading on the 'BCP Market' cryptocurrency trading platform operated by BCP, with future listings on major global exchanges also announced. BCP is currently in discussions with two large exchanges and plans to make an official announcement within weeks.
Benoit Marzouk, CEO of BCP Technologies, stated, "tGBP is a real-time proof of concept for future FCA stablecoin regulation" and "it will be a case that can demonstrate transparency and safety in line with the FCA's new regulatory proposal."
Previously, on May 28, the FCA announced a new regulatory draft for stablecoin issuers and custody providers. Accordingly, tGBP will be issued on Ethereum (ERC-20) and fully backed by cash stored in segregated bank accounts at a ratio of 1 token per pound.
Additionally, BCP is reviewing support for a stablecoin based on UK short-term government bonds in future consultation with the FCA.
BCP has been a formally registered crypto-asset service provider with the FCA since 2021, previously operating under the name 'BitcoinPoint'.
This tGBP launch is drawing attention as a turning point in establishing a digital asset infrastructure based on physical currency in the UK and as a crucial litmus test for gauging the future trend of stablecoin institutionalization by the UK government.
