Revolution in the cryptocurrency market: BCP Technologies launches the first UK stablecoin tGBP

Revolution in the cryptocurrency market: BCP Technologies launches the first UK stablecoin tGBP

The UK may soon see a major change in the world of cryptocurrencies. BCP Technologies, registered with the UK regulator FCA, has unveiled its latest project - a sterling-backed stablecoin called Tokenised GBP (tGBP). This move not only expands the possibilities of digital finance, but also serves as living proof for the future regulation of stablecoins within the UK.

After more than 14 months of rigorous testing and collaboration with regulators, BCP has launched its tGBP stablecoin on its cryptocurrency platform, BCP Markets. The token, based on the Ethereum blockchain as ERC-20, is fully backed by cash held in a segregated bank account, with each token representing one British pound. The advantage is the instant availability and stability that stablecoins offer over traditional cryptocurrencies.

"TGBP is seen as a living proof-of-concept for the future regulation of stablecoins by the FCA," says the CEO of BCP Technologies. The firm is now actively engaged in discussions with the regulator and will be attending the FCA's roundtable on July 4 to discuss proposals for new rules for stablecoin issuers and crypto custodians.

The launch of tGBP comes at a time when the FCA has launched a public consultation on the future of cryptocurrency regulation. The move reveals BCP's ambition to be a leading player in this area, while also showing how their stablecoin can be a model for regulators when creating new rules.

"Our vision is to use tGBP as a basis for cross-border payments, institutional collateral management, or as a means to tokenize assets such as bonds or real estate," says Marzouk, CEO of BCP. Going forward, the company also plans to support tGBP with short-term UK government bonds to increase its stability and credibility.

BCP Technologies has a rich history in the regulated sector. It has been registered with the FCA as a cryptocurrency service provider since 2021, and in 2020 it became the first cryptocurrency company in the UK to introduce open banking. This has allowed customers to instantly purchase cryptocurrencies directly from their bank account - a move that has significantly strengthened its position in the market.

"Stablecoins enable fast, open and seamless transfers that are less susceptible to the volatility of traditional cryptocurrencies. Our goal is to replace GBP electronic money with our stablecoin to increase trust in digital financial services," the CEO added.

BCP Technologies has not only introduced an innovative product, but also strengthens the UK's position as a leader in the regulated crypto sector. Its tGBP may be the key to wider adoption of stablecoins and the creation of a stable and secure environment for digital finance in the country.

*This is not an investment recommendation.

Coingarage team