British Pound Stablecoin? Yep, That’s Real. Who Saw That Coming? 🤨

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What to know:

  • So, after 14 months of “rigorous review” — or maybe just waiting for someone to say “Go” — they finally launch the tGBP. And get this, they even did a quick jog in the FCA sandbox. Fancy, huh? 🏃‍♂️
  • Each tGBP is backed 1:1 — because who doesn’t love a coin backed by “reserves.” It’s like your piggy bank, but with a fancy name and regulations. And oh, you can redeem it for Sterling whenever you want, like a vending machine that actually works.

BCP Technologies, the UK’s “brilliant” crypto company, is claiming bragging rights for creating — wait for it — the *first* stablecoin tied to good old British pounds. Yes, folks, British. Not American. Not euro. Just pounds. Because apparently, everyone loves a good stiff drink and a bit of local pride. 🍻

They say they took 14 months to review this thing, including a whole month in the FCA sandbox. Very exclusive, very fancy. Meanwhile, the crypto world is total chaos, with stablecoins totaling around $250 billion — mostly pegged to USD. Tether’s USDT is king, and Circle’s USDC is right behind, like a loyal dog.

And don’t worry — each tGBP is fully backed by reserves sitting in some UK-regulated bank. Pretty reassuring, right? You can redeem it for sterling at *any* time, because it’s basically a fancy IOU. And no, it’s not just some digital fantasy — it’s legit, if you believe them.

“Our vision,” says Benoit Marzouk, CEO of BCP, “is to dumb down blockchain so everyone can enjoy a GBP stablecoin without needing a PhD in advanced astrophysics.” Or something like that. Basically, they want to replace GBP e-money with their shiny new coin — because who needs cash when you’ve got a glorified barcode? 🤨

Meanwhile, the UK’s financial folks are finally thinking about stablecoin rules. It’s about time, right? We’ve been waiting for these guys to get their act together since forever. Stay tuned, or don’t. It’s all just digital smoke and mirrors anyway.

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2025-06-03 16:58