Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
89.9% of GBP stablecoin supply · 1st of 5 GBP stablecoins with supply
Peg today
below 1 GBP
Chains
1st of 5 GBP stablecoins read on chain · median 3
Holders on Ethereum
Share of supply in lending
at least
Best yield
ranked by lower of 30d and spot APY × deposits · Morpho Blue · 0.05% base, 0% rewards
tGBP is a GBP stablecoin issued by BCP Technologies (Tokenised GBP).
tGBP is a pound sterling stablecoin issued by BCP Technologies Ltd, a company registered in England and Wales under number 11121448, incorporated on 21 December 2017. It was incorporated as Cashin Dot Store Ltd, renamed Cashin Technologies Ltd in March 2019, and adopted the name BCP Technologies Ltd in November 2021. Its registered office is at Riley Studios, 724 Holloway Road, London, and the live product surface is tokenisedgbp.com.
The token is deployed as a LayerZero omnichain fungible token, which shares one contract address across Ethereum, Base, Arbitrum, Polygon, BNB Chain and Avalanche, uses a separate contract on Gnosis Chain, and uses a separate mint on Solana at a different decimal convention.
The issuer describes its reserves, states that the backing is reviewed through monthly independent attestations, and publishes the attestation reports as PDFs. The reports are titled Independent Accountants Report, are prepared by Andersen LLP for BCP Technologies Ltd, and each states it was conducted as an agreed-upon procedures engagement that does not constitute an audit.
Sources: Tokenised GBP, Tokenised GBP transparency page, Companies House, BCP TECHNOLOGIES LTD, company number 11121448, Independent Accountants Report for BCP Technologies Ltd, 31 August 2026 (Andersen LLP)
19.8M tGBP in circulation across 8 chains; Ethereum carries 71.3%. That is 89.9% of the GBP stablecoin supply on the map, the largest of 5.
All GBP stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 5 GBP stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across tGBP’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 5 active GBP stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
19.8M tGBP (US$26.7M)
89.9% of all GBP stablecoin supply, #1 of 5
Ethereum 71.3% · other chains 28.7%
Ethereum14.1M tGBP · 71.3%
Base5.4M tGBP · 27.2%
Solana180.5K tGBP · 0.9%
Polygon62.2K tGBP · 0.3%
Arbitrum43.3K tGBP · 0.2%
BSC13.1K tGBP · <0.1%
Gnosis1.5K tGBP · <0.1%
Avalanche16 tGBP · <0.1%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
332holders on Ethereum
| tGBP | |
|---|---|
| Top holder | 24.4% |
| Top 10 | 96.0% |
| Top 50 | 98.0% |
| Top 100 | 98.0% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far tGBP trades from its GBP peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much tGBP's price swings around 1 GBP from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 GBP scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 GBP, signed.
The ranking counts every active GBP stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a GBP stablecoin, the largest deviation leaves out days when most other GBP stablecoins closed the same distance from par on the same side: that move is the exchange rate, not tGBP. A move tGBP makes alone, or a discount it holds while the others stay at par, is kept.
10 bps
Peg volatility, 90 days
typical day-to-day swing around 1 GBP
Leaves out 5 days when most other GBP stablecoins moved the same way. The GBP exchange rate is taken at a different time from the close, so a move shared by the whole currency is timing, not a depeg. The chart still shows those days.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 tGBP | −2 bps (−0.02%) | 12 bps | 10 bps | −263 bps (−2.63%) |
US$706.1K of tGBP is supplied to 7 lending markets on 2 protocols, 2.6% of its onchain supply.
At least this much tGBP is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed tGBP again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under US$1,000 of tGBP, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for tGBP.
Both figures are averages across markets, weighted by how much tGBP each market holds. A US$1B market counts a thousand times more than a US$1M one. Markets holding 100% of the balance report an APY.
US$706K2.6% of supply
supplied to 7 lending markets on 2 protocols
65%
Borrowed
share of supplied tGBP now on loan
0.61%
Average supply APY
weighted by tGBP balance in each market
By protocol
85%US$603KEthereumtGBP / WBTCUS$187K0.04%57%EthereumtGBP / cbBTCUS$139K0.68%78%EthereumtGBP / wstETHUS$94K<0.01%14%EthereumtGBP / XAUtUS$88K1.00%90%EthereumtGBP / WETHUS$55K1.00%90%EthereumtGBP / PAXGUS$40K1.00%90%
15%US$103KSolanatGBPUS$103K1.38%64%tGBP in lending markets, by chain, largest first. The bar is each chain's share of tGBP's lending balance.
Ethereumin 6 lending markets85%US$603KSolanain 1 lending market15%US$103KTop 5 tGBP pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
0.05% | 0.05% | OrganicStable | Ethereum | +0.00% | US$5.2M | Lending | ||
0.22% | 0.82% | LP fees · IL riskVolatile | Solana | +0.00% | US$244.0K | LP | ||
0.19% | 49.12% | LP fees · IL riskVolatile | Base | +0.00% | US$173.7K | LP | ||
1.38% | 2.85% | OrganicVolatile | Solana | +0.00% | US$102.5K | Lending | ||
5.64%Rewards only | 1.89% | IncentiveVolatile | Polygon | +5.64% | US$81.4K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
tGBP in pool is tGBP's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$246.6K of tGBP sits in 6 DEX pools across 3 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼tGBP in pool | 24h volume |
|---|---|---|---|---|---|
| tGBP / USDC | Solana | US$243.8K | US$85.7K | US$3.9K | |
| tGBP / USDC | Base | US$173.7K | US$67.9K | US$1.6K | |
| tGBP / USDC | Ethereum | US$166.7K | US$51.5K | US$3.1K | |
| tGBP / USDC | Arbitrum | US$22.1K | US$15.6K | US$2 | |
| frxUSD / tGBP | Base | US$28.9K | US$13.1K | US$934 | |
| tGBP / USDC | Polygon | US$25.9K | US$12.7K | US$1.1K |
tGBP is designed to be backed by cash and money-market assets.
The transparency page describes the reserves as cash and cash equivalents and states that the reserve is maintained to match or exceed the value of tGBP in circulation. The homepage states that funds are held with banking partners in the UK. The transparency page carries a section headed Proof of reserve attestations listing entries for August 2026, July 2026, June 2026, May 2026 and April 2026. Each entry links to an Independent Accountants Report prepared by Andersen LLP for the Board of Directors of BCP Technologies Ltd. Each report states that the quantity of tGBP tokens in circulation did not exceed the value of the cash and other eligible reserve assets identified by the Company as backing those tokens, and each states it was conducted as an agreed-upon procedures engagement and does not constitute an audit, review, or other assurance engagement. The issuer's Terms describe the reserve as GBP-denominated assets held with regulated financial institutions in segregated accounts, in liquid assets such as money market funds, UK Treasuries and bank deposits. The report dated 31 August 2026 lists 19,962,640.38 tGBP in circulation against a GBP reserve of 20,005,571.06, made up of 12,060,272.00 in money market funds, 4,489,335.00 in bonds and 3,455,964.06 in cash accounts, and gives an overcollateralisation ratio of 100.22%.
The homepage displays an accounting firm's logo beside the words Audited Reserves by, and the attestation reports name that firm as Andersen LLP. The issuer does not name a specific custodian institution, only the class of institution, described as banking partners in the United Kingdom.
Supply is read from contract state on the chains this map indexes, with decimals read per contract because they are not uniform across this token's deployments. That is a first-party measurement and it holds whatever the issuer publishes. It does not verify a bank balance, and no onchain read substitutes for an attestation report.
Sources: Tokenised GBP transparency page, Tokenised GBP, Independent Accountants Report for BCP Technologies Ltd, 31 August 2026 (Andersen LLP), Tokenised GBP terms and conditions
Ethereum0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent0x1f34490f…35eaf44fpaused()mint(address,uint256)eip1967-transparent0x27f6c828…6afe5287paused()mint(address,uint256)eip1967-transparent2zMqyX4AYC…zkPPbSpWfreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
Who licenses tGBP's issuer and how its reserves are reported.
BCP Technologies Ltd is a cryptoasset firm registered with the UK Financial Conduct Authority under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, with reference number 928840. The FCA Financial Services Register lists the firm as registered for cryptoasset activities under the Money Laundering Regulations since 3 December 2021, and the issuer states the same registration on its website footer and in its Terms. The FCA lists BCP Technologies among its Regulatory Sandbox accepted firms, describing it as an FCA-registered cryptoasset firm that provides access to trade a range of digital assets including the issuance and distribution of its own GBP-denominated stablecoin tGBP. The homepage's meta description also describes tGBP as issued by an FCA-registered firm.
Registration under the Money Laundering Regulations is an anti-money laundering registration for a firm carrying on cryptoasset activity. Authorisation to issue electronic money is a different permission under a different regime, and a firm can hold the first without holding the second. The issuer states that Tokenised GBP does not meet the definition of electronic money and is not protected or guaranteed by the Financial Services Compensation Scheme.
Sources: Tokenised GBP, Tokenised GBP terms and conditions, FCA Regulatory Sandbox accepted firms, FCA Financial Services Register, BCP TECHNOLOGIES LTD (928840)
Registration onlylicence tier of BCP Technologies (Tokenised GBP)
Each attestation report is an agreed-upon procedures engagement. The reports state that Andersen LLP does not express an audit opinion, review conclusion, or other form of assurance on the reserve assets, token balances, internal controls, solvency, liquidity, or any other matter, and that the procedures performed may not address all matters that may be of interest to users. The reports are prepared solely for the Company and are based on the information and records the Company made available to Andersen LLP.
Sources: Independent Accountants Report for BCP Technologies Ltd, 31 August 2026 (Andersen LLP), Tokenised GBP transparency page
BCP Technologies Ltd, a company registered in England and Wales under number 11121448, incorporated on 21 December 2017 as Cashin Dot Store Ltd, renamed Cashin Technologies Ltd in March 2019, and adopting the name BCP Technologies Ltd in November 2021. Its registered office is in London, and the live product surface is tokenisedgbp.com.
The issuer publishes monthly attestation reports on its transparency page, listing entries for August, July, June, May and April 2026. The reports are titled Independent Accountants Report, are prepared by Andersen LLP, and each states it is an agreed-upon procedures engagement that does not constitute an audit.
BCP Technologies Ltd is registered with the UK Financial Conduct Authority as a cryptoasset firm under the Money Laundering Regulations 2017, reference number 928840, and the FCA lists it among its Regulatory Sandbox accepted firms as an FCA-registered cryptoasset firm issuing tGBP. Registration under the Money Laundering Regulations is an anti-money laundering registration for a cryptoasset firm, while authorisation to issue electronic money is a separate permission. The issuer states that tGBP is not electronic money and is not protected or guaranteed by the Financial Services Compensation Scheme.
The issuer's transparency page reported 20,105,025.71 tGBP in circulation as of 2 October 2026. Supply is visible onchain per chain, and the token is deployed across eight chains.
tGBP is a LayerZero omnichain fungible token. The issuer's contract register lists deployments on Ethereum, Base, Solana, Arbitrum, Polygon, BNB Chain, Gnosis Chain and Avalanche. It shares one contract address across Ethereum, Base, Arbitrum, Polygon, BNB Chain and Avalanche, uses a separate contract on Gnosis Chain, and uses a separate mint on Solana.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the GBP peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
tGBPSource: DeFiLlama and CoinGecko prices Updated