BCP Applied sciences, a cryptocurrency firm registered within the UK, is claiming bragging rights for issuing the primary stablecoin denominated in British pound sterling, Tokenised GBP (tGBP), below the UK’s regulatory ambit.
The launch of tGBP follows a 14 month assessment together with one month participation within the FCA regulatory Sandbox, which concluded on 31 Could, the corporate mentioned on Tuesday.
Stablecoins, with round $250 billion in collective market cap, are one of many quickest rising areas inside crypto. However the overwhelming majority of those tokens are pegged to USD, in a market presently dominated by Tether’s USDT, the biggest, and Circle’s USDC, the second largest.
Every tGBP token is backed 1:1 by reserves held in a segregated account at a UK-regulated monetary establishment and is absolutely redeemable for sterling at any time, in keeping with a press launch.
“Our imaginative and prescient is to summary the complexity of blockchain with the familiarity of a GBP denomination, in the end changing GBP e-money with our GBP stablecoin,” mentioned Benoit Marzouk, CEO of BCP Applied sciences in a press release.
This arrival of tGPB comes because the UK’s Monetary Conduct Authority opens a public session on stablecoin and crypto custody guidelines on the twenty eighth of Could.
