Listing of tGBP (licensed British pound-backed stablecoin) on Coinbase provides its 100 million users with access to the $30 million market cap asset, which can be key to serving UK customers once local crypto regulation is finalized.
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Crypto exchange Coinbase has added a new fiat-backed stablecoin, tGBP, to its platform on April 22. The listing is part of Coinbase’s strategy to expand local-currency stablecoins beyond USD dominance.
European countries, including the UK, are increasingly looking for local fiat-backed stablecoin alternatives to the most popular dollar-supported stablecoins (USDT and USDC) in the growing over $300 billion worth stablecoin economy.
The tGBP token is issued by BCP Technologies. This institution is registered with the FCA and has participated in the FCA’s regulatory sandbox. The British regulator has been actively testing stablecoin use cases with fintech firms, including Revolut, Monee Financial Technologies, ReStabilise, and VVTX. The aim is to check stablecoin settlement and trading infrastructure capabilities before creating the final rule set for the upcoming UK’s full crypto regulatory regime, expected to enter into force in October 2027.
For the firms using stablecoins for international payouts, dealing with a regulated GBP token might be the only chance to reach UK customers once the legislation is approved.
Coinbase started ahead of the full legislation implementation, allowing users in the UK and other supported regions to buy, sell, convert, send, and receive tGBP on the Coinbase app and Coinbase Exchange. The crypto exchange customers dealing with GBP settlement can now manage digital assets without the need to constantly convert between USD-pegged stablecoins and British Pounds, eliminating unnecessary foreign exchange risks.
At the point of writing, the Tokenised GBP (tGBP) market cap is approximately $30 million, while its supply is about 22 million tokens. Tokenised GBP aims to provide stability for users trading with this currency in mind, particularly within European markets that actively try to withdraw from the dollar dominance.
Besides Coinbase, the tGBP stablecoin is available on Kraken and Wirex. Its contracts are supported by six blockchains, including Polygon, Solana, BNB Chain, Avalanche, Ethereum, and Coinbase’s Base.
