BCP Technologies, a cryptocurrency company registered in the United Kingdom, claims the rights of bluffing for issuing the first stablecoin called in the British sterling pound, Tokeniseed GBP (TGBP), under the regulatory field of the United Kingdom.
The launch of TGBP follows a 14 -month review that includes a month participation in the FCA regulatory box, which concluded on May 31, the company said Tuesday.
Stablecoins, with around $ 250 billion in collective market capitalization, are one of the fastest growing areas within Crypto. But the vast majority of these tokens are linked to USD, in a market currently dominated by Tether’s USDT, the largest USDC and Circle, the second largest.
Each Token TGBP is backed 1: 1 for the reserves held in a segregated account in a financial institution regulated by the United Kingdom and is totally redeemable for Sterling at any time, according to a press release.
“Our vision is to abstract Blockchain’s complexity with the familiarity of a GBP denomination, ultimately replacing GBP’s money with our GBP Stablecoin,” said Benoit Marchuk, CEO of BCP Technologies in a statement.
This arrival of TGPB occurs when the United Kingdom’s Financial Behavior Authority opens a public consultation on the Stablecoin and Crypto custody rules on May 28.
