Cryptocurrency exchange Coinbase listed Tokenised GBP (tGBP) on April 22, making it the first British pound-backed stablecoin from a Financial Conduct Authority-registered issuer available on its global platform.
"Locally denominated stablecoins are essential for the country's role in the on-chain economy," Keith Grose, Coinbase's UK lead, wrote in a statement regarding the launch. The move gives UK users a way to hold and transfer value in their local currency on the exchange without first converting to dollar-pegged assets.
The tGBP stablecoin is issued by BCP Technologies and is fully backed 1:1 by cash and short-term UK government bonds. The broader stablecoin market has grown past $320 billion in total capitalization, with over $30 trillion in transactions settled in 2025 alone, according to data from DefiLlama.
The listing removes foreign exchange friction for British traders and businesses and comes as the UK government develops a comprehensive regulatory framework for stablecoins, expected to be fully implemented by late 2026. The traction of tGBP may depend on how quickly and favorably the FCA finalizes these rules, positioning the UK as a potential hub for digital finance.
This article is for informational purposes only and does not constitute investment advice.
