British company BCP Technologies has released the tGBP stablecoin

UK-based crypto company BCP Technologies has officially launched a stablecoin called Tokenised GBP (tGBP), the company's press service reported.

The project reportedly underwent a 14-month preliminary testing in the regulatory sandbox of the United Kingdom's Financial Conduct Authority (FCA). The company's CEO Benoit Marzouk said that tGBP is implemented as an ERC-20 token on the Ethereum blockchain and is fully backed by British pounds in a one-to-one ratio. He also emphasized that the issued units of the stablecoin are backed by real money located in a separate bank account, which guarantees their full liquidity.

tGBP is currently available for use on the BCP Markets platform, owned by BCP Technologies, and is intended for clients who have passed the KYC (customer verification) program. The new stablecoin can be used for both international transfers and decentralized financial products, including lending. At the same time, it is aimed at both private users and corporate clients. According to the company, tGBP should appear on two major crypto exchanges in the coming weeks, with which negotiations on its listing are ongoing.

The stablecoin launch comes shortly after the FCA announced it would be holding a public consultation on new regulations for stablecoin issuers and digital asset custody companies. Marzouk noted that BCP Technologies is actively cooperating with the regulator and will be taking part in one of the roundtables where these rules will be discussed.

Let us recall that two Tether-backed companies, StablR and Oobit, have launched new stablecoins in Europe that comply with the requirements of the MiCA (Markets in Crypto-Assets) regulation, which came into force in the European Union.