tGBP (BCP Technologies) (Stablecoin Issuer)
Industry
Stablecoin Issuer
Focus
GBP Stablecoin Issuance, FX, Cross-Border Payments,
Products Used
Josh Reyes
COO
Key outcome tGBP (BCP Technologies) gained using Utila
Programmable Mint-and-Burn Infrastructure That Scaled with the Business
BCP Technologies adopted Utila to automate and secure its tGBP stablecoin mint and burn operations. As the company’s volumes grew and operational requirements became more complex, it needed infrastructure with deeper policy logic and programmability than its existing setup could support.
Utila now serves as the core engine for all on-chain tGBP issuance and redemption, with configurable approval workflows, contract-level policy rules, and an API-driven architecture that allows a sub-20-person team to operate at institutional scale without adding headcount.
About tGBP (BCP Technologies)
The Issuer Behind the UK’s First GBP Stablecoin by an FCA-Registered Firm
BCP Technologies is a UK-based digital asset company that has operated as a retail exchange since 2018. In 2021, after becoming one of the initial batch of crypto firms registered with the Financial Conduct Authority under the UK’s Money Laundering Regulations, the company pivoted toward stablecoin issuance. BCP approached the FCA to launch Tokenised GBP (tGBP), a GBP-denominated stablecoin backed 1:1 by reserves held in segregated accounts at a UK-regulated financial institution.
Following a 14-month regulatory review that included participation in the FCA’s Regulatory Sandbox, tGBP went live in the summer of 2025. Since launch, tGBP has grown to approximately £22 million in outstanding supply and is listed on both Coinbase and Kraken, with 1:1 mint and burn available on both exchanges. tGBP powers Kraken’s GBP stablecoin earn program in the UK.
The company’s roadmap extends beyond basic issuance into DeFi-enabled products: yield generation, crypto-backed GBP lending, and positioning tGBP as an on-chain settlement rail for cross-border payments across UK-linked corridors, particularly into Africa, South Asia, and the Philippines.
The challenge tGBP (BCP Technologies) was facing
When Growing Issuance Volumes Demand More Programmable Infrastructure
BCP Technologies began its on-chain operations with an MPC provider that served the company’s needs at an earlier stage. When tGBP volumes were smaller and mint-and-burn operations were handled on an ad hoc basis, the setup was sufficient. As the stablecoin grew and the company listed on major exchanges, the operational requirements outpaced what the existing tooling could support.
Ad Hoc Operations That Could Not Scale
Early tGBP issuance involved mints of varying sizes handled manually. As volumes grew and the company began listing on major exchanges with 1:1 mint-and-burn access, ad hoc execution was no longer viable. The team needed to process higher volumes consistently without necessarily increasing headcount.
Limited Policy Logic and Programmability
The existing infrastructure offered basic MPC wallet functionality but lacked the ability to define granular rules around specific contract methods. BCP needed the ability to set policies at the contract function level: allowing certain mint operations under defined thresholds to proceed automatically while requiring additional admin signatures for larger amounts or transactions to non-whitelisted addresses.
No Path to Automation
Without API-driven automation and configurable policy logic, every operational step required manual intervention. For a stablecoin issuer whose core function, minting and redeeming tokens, runs continuously, this created a bottleneck that would only worsen as adoption grew.
BCP Technologies needed infrastructure that could grow with the business: programmable enough to encode operational logic, flexible enough to adapt as new use cases emerged, and priced in a way that did not penalise an early-stage company still building volume.
The solution we delivered for tGBP (BCP Technologies)
A Programmable Issuance Engine with Policy Controls and API-Driven Automation
After evaluating the market, BCP Technologies selected Utila as its stablecoin infrastructure partner. The migration consolidated all onchain tGBP operations onto the Utila platform, which now serves as the core infrastructure for issuance, redemption, and an expanding set of treasury and trading functions.
Automated Mint and Burn with Configurable Policy Rules
Utila’s policy engine allows BCP to define rules at the contract function level. Mint and burn operations below defined thresholds can proceed automatically, while transactions above those thresholds or to non-whitelisted addresses require additional admin approvals. This gives the team programmatic safeguards against human error, whether from a copy-paste mistake, a front-end attack, or a misclicked link, without slowing down routine operations.
API-First Architecture for Lean Operations
BCP uses Utila’s API as the primary interface for its mint and burn engine, with the console used for simpler transfers and ad hoc tasks. The API integration allows the company to keep its team lean while handling volumes that have grown more than 10 times since onboarding, from approximately $2 million in TVL to around $30 million.
Expanding Beyond Issuance into Trading and Treasury
Beyond the core mint-and-burn use case, BCP is increasingly using Utila for treasury and trading operations. The company is building out an OTC desk, quoting into RFQ systems, and managing liquidity and arbitrage across its liquidity pools. While some of these functions still partially rely on Gnosis Safe, BCP is progressively consolidating them into Utila as the central operational hub.
Pricing That Supported Growth
Utila’s commercial structure accommodated BCP at an early stage, when TVL was still low and revenues were limited. The pricing allowed the company to adopt institutional-grade infrastructure before it had institutional-grade revenue, and to scale into it as the business grew. For a stablecoin issuer where infrastructure costs are incurred from day one but volume takes time to build, this alignment was a material factor in the decision.
High impact results tGBP (BCP Technologies) experienced
From Early-Stage Issuer to Exchange-Listed Stablecoin on Institutional Infrastructure
Since onboarding with Utila, BCP Technologies has grown tGBP from approximately $2 million in TVL to roughly $30 million, secured listings on Coinbase and Kraken, and expanded its operational scope from issuance to include OTC trading and liquidity management. The team has achieved this growth while remaining under 20 people, with Utila’s automation and policy logic absorbing operational complexity that would otherwise have required additional headcount.
BCP also highlighted the responsiveness of Utila’s product and support teams. An estimated 80% of feature requests made during the initial onboarding have since been implemented, a rate the company noted is unusual for enterprise software providers, and particularly rare in the crypto infrastructure space.
The relationship has also generated ecosystem value. Through Utila’s network and the UK-based presence of several Utila team members, BCP has been connected with potential partners and clients. The company is exploring deeper integration with Utila’s yield and payments capabilities, with the ambition for tGBP to power GBP-native yield and payments within the Utila ecosystem.
Our priority has been to scale operations while avoiding the need to greatly scale headcount. Utila’s programmability allows us to encode operational logic directly into the infrastructure rather than relying on manual processes. That’s what has allowed a lean team to support the volume growth we’ve seen over the past year.
— Josh Reyes, COO, BCP Technologies
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