What is Tokenised GBP (TGBP)?

Quick Facts

  • Issuer: BCP Technologies Ltd, a UK FCA-registered firm
  • Peg: 1:1 with the British Pound Sterling
  • Backing: Cash and short-dated UK government securities
  • Chains: Ethereum, Base, Avalanche, BNB Chain, Polygon, Solana
  • Cross-chain standard: LayerZero OFT (Omnichain Fungible Token)
  • Reserve verification: Regular independent attestations
  • CEO & Co-founder: Benoit Marzouk

Introduction

Tokenised GBP (TGBP) is a fiat-backed stablecoin that brings the British Pound Sterling onto public blockchain networks. Issued by BCP Technologies Ltd, tGBP is designed to maintain a stable, 1:1 value with GBP at all times.

The project aims to bridge traditional UK finance and the digital asset ecosystem, offering a compliant and programmable form of sterling for payments, settlements, and decentralised finance.

History & Background

tGBP was launched in 2025 by BCP Technologies Ltd, making it the first GBP stablecoin issued by a cryptoasset firm registered with the UK's Financial Conduct Authority (FCA). Law firm gunnercooke advised on the regulatory and structuring aspects of the project, helping navigate FCA requirements.

The token gained significant traction quickly, listing on Kraken and ranking among the top 10 non-USD stablecoins worldwide by market capitalisation.

How Tokenised GBP Works

Each tGBP token is backed 1:1 by reserves held in cash and short-dated UK government securities, such as zero-coupon bonds. Reserves are kept in segregated accounts and verified through regular independent attestations, giving holders confidence in the token's redeemability.

tGBP uses the LayerZero OFT (Omnichain Fungible Token) standard to operate seamlessly across multiple blockchain networks without relying on wrapped tokens. This allows users to move tGBP between chains with minimal friction.

Tokenomics

tGBP follows a mint-and-redeem model: new tokens are minted when users deposit GBP, and tokens are burned when users redeem them for fiat. This ensures the token supply always reflects the underlying reserves held by the issuer.

The token's economic design prioritises stability and redeemability over yield generation. Reserve assets — short-dated UK government securities — are chosen specifically to preserve capital and liquidity.

Circulating Supply ? 19.96 million TGBP
Total supply ? 19.96 million TGBP
Max supply ? -- TGBP
Updated 3d ago

Ecosystem & Use Cases

tGBP is deployed across Ethereum, Base, Avalanche, BNB Chain, Polygon, and Solana, enabling broad access. Key use cases include:

  • On-chain GBP payments and cross-border transfers
  • DeFi participation with a sterling-denominated asset
  • Programmable settlement for enterprise and institutional workflows
  • Real-world asset (RWA) exposure tied to GBP-linked tokenised assets

The project has secured partnerships with Ubyx and Better Payment Network, expanding its utility in the broader payments ecosystem.

Team, Governance & Community

BCP Technologies Ltd is led by CEO and co-founder Benoit Marzouk. The firm operates under FCA registration, meaning it is subject to ongoing regulatory oversight in the United Kingdom.

Governance decisions are centralised with the issuer, consistent with the compliance-first model required of regulated stablecoin operators. The project maintains an active community presence via its official Twitter account (@tokenGBP).

Advantages

  • Regulatory compliance: Issued by an FCA-registered firm, providing institutional-grade trust
  • Transparent reserves: Regular independent attestations confirm 1:1 GBP backing
  • Multi-chain access: Available on six major blockchains via LayerZero OFT
  • No wrapping required: Cross-chain transfers are native, not reliant on wrapped token bridges
  • Broad use cases: Supports payments, DeFi, and enterprise settlement

Risks & Challenges

  • Centralisation risk: Reserve management and governance rest with BCP Technologies
  • Regulatory evolution: UK stablecoin regulation is still developing; future rules could affect operations
  • Reserve counterparty risk: Backing assets, while low-risk, still carry exposure to UK government bond markets
  • Adoption competition: Competes with established USD-backed stablecoins that dominate liquidity
  • Smart contract risk: Multi-chain deployment increases the attack surface across supported networks

Long-Term Vision

BCP Technologies positions tGBP as a cornerstone of modernised UK financial infrastructure. The long-term goal is to make programmable GBP liquidity a standard layer for on-chain payments, tokenised real-world assets, and institutional DeFi.

As UK stablecoin regulation matures, tGBP is designed to be well-positioned as a compliant, transparent, and scalable sterling-denominated digital asset for both retail and institutional participants.

Frequently Asked Questions

Tokenised GBP (tGBP) is a fiat-backed stablecoin that represents the British Pound Sterling on blockchain networks. It is issued by BCP Technologies Ltd and maintains a 1:1 peg with GBP through reserves held in cash and short-dated UK government securities.

tGBP is issued by BCP Technologies Ltd, a UK-based firm registered with the Financial Conduct Authority (FCA). This makes it the first GBP stablecoin launched by an FCA-registered cryptoasset firm.

Each tGBP token is backed 1:1 by reserves consisting of cash and short-dated UK government securities, such as zero-coupon bonds. These reserves are held in segregated accounts and verified through regular independent attestations.

tGBP operates on Ethereum, Base, Avalanche, BNB Chain, Polygon, and Solana. It uses the LayerZero OFT (Omnichain Fungible Token) standard to enable seamless cross-chain transfers without the need for wrapped tokens.

tGBP can be used for on-chain GBP payments, cross-border transfers, DeFi participation, and programmable settlement. It is also relevant for real-world asset (RWA) use cases tied to GBP-linked tokenised assets.

When a user deposits GBP with the issuer, an equivalent amount of tGBP is minted on-chain. When a user redeems tGBP, the tokens are burned and the user receives GBP back, ensuring the token supply always reflects the underlying reserves.

Yes, tGBP is issued by BCP Technologies Ltd, which is registered with the UK Financial Conduct Authority (FCA). This means the issuer operates under ongoing regulatory oversight and must meet FCA compliance standards.

Key risks include centralisation of reserve management with the issuer, evolving UK stablecoin regulation, and smart contract risks across its multi-chain deployment. Competition from larger USD-backed stablecoins also presents an adoption challenge.