Coinbase lists GBP-backed stablecoin tGBP for UK users

Coinbase has listed the GBP-backed stablecoin tGBP, adding a sterling-denominated token to its global offering.

Users in the UK and other supported regions can buy, sell, convert, send and receive tGBP through the Coinbase app and Coinbase Exchange. The token is issued by BCP Technologies, which is registered with the Financial Conduct Authority and has participated in the regulator's sandbox.

The listing comes as stablecoins move further into mainstream payments and settlement. Coinbase said stablecoin market capitalisation has risen above USD $300 billion, while transaction volumes this year have exceeded USD $30 trillion.

A sterling stablecoin gives users a way to hold and transfer value on blockchain networks without switching into US dollar-linked tokens. In the UK, this could reduce the foreign exchange exposure that businesses and consumers face when using dollar-pegged stablecoins for routine transfers or settlements.

UK focus

Coinbase presented the launch as part of a broader push to expand access to stablecoins linked to local currencies. It said local-currency tokens can help reduce delays associated with traditional banking rails and support activity in tokenised assets and other on-chain markets.

The announcement also set out Coinbase's views on UK regulation, arguing that a supportive framework will be needed if the country wants to strengthen its position as a centre for digital finance.

Among the issues it raised were the treatment of stablecoins relative to other forms of digital money, rules governing backing assets, and whether limits should apply to the issuance of systemic stablecoins. Coinbase also argued that stablecoins should be allowed to act as settlement assets in tokenised wholesale markets outside controlled testing environments.

Those positions reflect a broader industry debate in the UK and elsewhere over how stablecoins should be supervised. Policymakers are trying to balance innovation and competition against concerns about reserve quality, redemption, financial stability and consumer protection.

Payments shift

Stablecoins were initially used primarily by crypto traders to move funds between exchanges and digital assets. Their role has since broadened as payment firms, trading venues and financial market participants explore blockchain-based transfers that can settle around the clock.

Usage patterns have also drawn attention because volumes have remained elevated even during periods of broader crypto market weakness. That has supported the industry's argument that stablecoins now serve as both a practical payments tool and a trading instrument.

For Coinbase, adding tGBP expands the range of fiat-linked tokens on its platform and gives UK users a domestic-currency option for on-chain transactions. It also adds to competition in a market where exchanges and issuers are trying to build liquidity around a non-dollar stablecoin. This segment remains far smaller than the US dollar market.

The UK is still defining its approach to digital asset regulation while seeking to maintain London's role in financial services. Stablecoins have become a focal point in that effort because they sit at the intersection of payments, market infrastructure and crypto trading.

BCP Technologies' regulatory status may help the token gain traction among users seeking a sterling-based digital settlement instrument with a UK compliance footprint. Even so, adoption is likely to depend on whether tGBP can achieve sufficient liquidity and acceptance across exchanges, wallets and on-chain applications.

The token is now available to Coinbase users in supported markets through the retail app and exchange services.