PANews reported on June 3 that according to CoinDesk, the UK-registered crypto company BCP Technologies announced the launch of the first UK-regulated British pound stablecoin Tokenised GBP (tGBP). The stablecoin has undergone a 14-month review period, including a one-month test in the UK Financial Conduct Authority (FCA) regulatory sandbox.

tGBP is backed by 1:1 pound reserves, and the funds are kept in segregated accounts of financial institutions regulated by the UK and can be redeemed at any time. Benoit Marzouk, CEO of BCP Technologies, said that the stablecoin aims to simplify the complexity of blockchain use through familiar pound denomination.