BCP Technologies, a cryptocurrency company registered in the UK, claims to boast rights to issue the first stableecoin mentioned in British Pound Sterling, Tokenized GBP (TGBP), under the UK’s legislative ambition.
The launch of TGBP follows a 14 -month review including one month participation in FCA regulatory sandbox, which was completed on May 31, the company said Tuesday.
Stableecoins, with about $ 250 billion in collective market hood, is one of the fastest growing areas in crypto. But the vast majority of these tokens are tied to USD, in a market that is currently dominated by Tether’s USDT, the largest and Circle’s USDC, the second largest.
Each TGBP token is supported 1: 1 of reserves held in a separate account in a British-regulated financial institution and can be fully awarded to Sterling, according to a press release.
“Our vision is to abstract the blockchain complexity with the confidentiality of a GBP church society and ultimately replace GBP e-money with our GBP stableCoin,” said Benoit Marzouk, CEO of BCP Technologies in a statement.
This arrival of TGPB comes as UK’s Financial Conduct Authority opens a public consultation on stablecoin and crypto parenting rules on May 28.
