BCP Technologies has completed its first live purchase of a tokenised US Treasury bill using its sterling stablecoin, marking a notable moment for on-chain settlement in the UK market. The London-based issuer said it bought Archax’s $GOVY tokenised T-bill and settled the trade in tGBP, its blockchain-native representation of the pound.
According to the company, this is the first digital bond it has both acquired and settled with the stablecoin.
The deal was executed on Archax, a regulated digital asset platform operating in the UK, EU and US.
The firms present the transaction as evidence that existing market infrastructure can support blockchain-native cash and digital securities together.
Tokenisation has moved funds, bonds and other instruments onto distributed ledgers, but final settlement has often still depended on conventional banking rails.
tGBP is intended to close that gap by acting as fully reserved digital sterling that can move around the clock, without the delays of traditional payment systems.
BCP and Archax argue that pairing regulated digital securities with regulated digital cash produces several practical benefits: near-instant settlement, lower counterparty and operational risk, programmable payments via smart contracts, reduced costs, and easier interaction between tokenised products.
In their view, the $GOVY trade is a step toward markets in which issuance, trading, settlement and custody can all take place natively on-chain.
The deal follows a distribution partnership announced earlier in 2026 that lets tGBP holders buy tokenised real-world assets on Archax, including money-market funds, government securities and bonds.
The $GOVY purchase is described as the next stage of that collaboration and as a sign that a sterling stablecoin is becoming useful infrastructure for institutional digital asset activity.
Both companies also place the trade in a wider UK context.
While many market participants are still preparing to use the Bank of England’s Digital Securities Sandbox to test how digital bonds and digital cash might work together, BCP and Archax say this settlement was a live production transaction rather than a pilot or simulation.
They present it as proof that participants and platforms are already mature enough to support real capital-market activity.
Benoit Marzouk, CEO and founder of BCP Technologies, said the future of capital markets is not only about tokenizing assets but about tokenising the whole transaction lifecycle.
Settling $GOVY in tGBP, he argued, shows that blockchain-native cash can sit alongside digital securities and deliver fast, efficient and transparent settlement.
Graham Rodford, CEO and co-founder of Archax, added that digital assets and digital cash need each other.
He described tGBP as a sterling settlement instrument that moves at the same speed as the assets it is buying, and said the trade illustrated delivery-versus-payment fully on-chain, in production, as well as cross-border interoperability between a dollar-denominated tokenized bill and sterling cash. BCP positions tGBP as a sterling rail for payments, settlement and investment across a growing set of tokenised assets as institutional use increases.
