Tokenised GBP (tGBP) is a fiat-backed British pound stablecoin. It has about $34.9M in circulation, ranking #89 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
What is tGBP?
Tokenised GBP (tGBP) is a fiat-backed British pound stablecoin. It has about $34.9M in circulation, ranking #89 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
In the issuer's words: Tokenised GBP (tGBP) is the only British Pound backed stablecoin issued by a UK FCA-registered firm. tGBP is fully backed with cash and short-term UK gilts and pegged 1:1 with the British Pound.
tGBP supply history
tGBP supply grew 0.2% over the past 30 days, to $34.9M. It is at or near its all-time high.
Is tGBP holding its peg?
tGBP is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where tGBP lives: supply by blockchain
Supply is concentrated: Ethereum holds 99% of all tGBP. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How tGBP is backed
Each tGBP is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: To mint Tokenised GBP (tGBP), eligible businesses need to create a tGBP Mint account and complete the required KYB and AML checks. Once the account is approved, businesses can mint and redeem tGBP with GBP from their UK bank account. Retail users can access mint and redemption services through a variety of exchange and payment partners.
Reserve reports and audits: openzeppelin.com
tGBP risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $34.9M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
tGBP vs USDT and USDC
Similar fiat-backed stablecoins
See all →- GBPA $3.3M
tGBP FAQ
What is tGBP?
Tokenised GBP (tGBP) is a fiat-backed British pound stablecoin. It has about $34.9M in circulation, ranking #89 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
Is tGBP pegged 1:1 to the british pound?
tGBP targets 1 GBP. At the last update it traded at £1.0002, a deviation of +0.02%, which we classify as "on peg".
What backs tGBP?
tGBP is a fiat-backed stablecoin. Each tGBP is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is tGBP on?
tGBP is live on 5 blockchains. The largest by supply are Ethereum ($18.9M), Solana ($254K), BSC ($22K).
How much tGBP is in circulation?
About $34.9M of tGBP was in circulation at the last update, +0.2% over 30 days. That makes it the #89 stablecoin by supply among those we track.
Is tGBP safe?
No stablecoin is risk-free. As a fiat-backed design, tGBP's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.