BCP Technologies has launched Tokenised GBP (tGBP), becoming the first FCA-registered firm to issue a live, GBP-denominated stablecoin in the UK – a move that could significantly accelerate the institutionalisation of blockchain-based finance in sterling markets.
The launch follows a testing phase within the FCA’s Regulatory Sandbox and comes just days after the regulator opened a public consultation on stablecoin and crypto custody rules, signalling growing regulatory clarity in the UK’s digital asset ecosystem.
tGBP is available to both retail and institutional users via BCP.Markets, and is fully backed 1:1 by sterling reserves held in a segregated account at a UK-regulated financial institution. The token is fully redeemable for GBP at any time, and the smart contract infrastructure — deployed on Ethereum — has been live-tested for over a year and independently audited.
The launch directly addresses a long-standing gap in the UK’s crypto infrastructure. Until now, most GBP stablecoins were issued by offshore entities, often with limited liquidity and little regulatory oversight — a sharp contrast to dominant US dollar stablecoins.
“Stablecoins enable open, instant, and frictionless transfers, free from volatility,” said Benoit Marzouk, CEO of BCP Technologies. “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.”
For hedge funds and digital asset firms, tGBP may serve as a key on-chain collateral option, particularly for DeFi lending, cross-border payments, and settlement of tokenised assets including bonds, and securities. The launch also supports GBP-denominated on-chain access for bitcoin-backed loans, which could appeal to crypto-native strategies and treasury management operations.
Marzouk positioned the stablecoin as a safer alternative to traditional banking infrastructure, citing self-custody and avoidance of fractional reserve risk as critical features.
“tGBP supports GBP self-custody for retail and corporates, offering an alternative from banks,” he said.
The move is part of a broader wave of stablecoin infrastructure development in 2025, with players like Circle and Stripe-acquired Bridge advancing cross-border payments and programmable finance tools using stablecoins.
BCP Technologies, which participated in the FCA sandbox, says it remains committed to transparency, including independent reserve audits and strong compliance controls. It sees tGBP as a cornerstone of the UK’s digital financial infrastructure, positioning the UK to better compete with global stablecoin markets and laying the groundwork for on-chain foreign exchange and institutional DeFi strategies.
