Coinbase Lists First GBP Stablecoin as UK Push Accelerates

Coinbase listed Tokenised GBP (tGBP) on April 22, making it the exchange’s first British pound-backed stablecoin available to users globally.

The tGBP stablecoin is issued by FCA-registered BCP Technologies and fully backed 1:1 by cash and short-term UK government bonds.

Why the tGBP Stablecoin Matters for the UK

The listing gives UK users a way to hold and transfer value in their local currency on the Coinbase exchange without converting to dollar-pegged stablecoins.

That removes foreign exchange friction for British traders and businesses.

Keith Grose, Coinbase’s UK lead, wrote that locally denominated stablecoins are essential for the country’s role in the on-chain economy.

Users can now buy, sell, convert, send, and receive tGBP through the Coinbase app and Coinbase Exchange.

The broader stablecoin market has grown past $320 billion in total capitalization.

In 2025 alone, stablecoins settled over $30 trillion in transactions, with usage largely uncorrelated to crypto price swings.

Industry Leaders Back the Move

Coinbase CEO Brian Armstrong endorsed the listing, calling stablecoins “the best form of money.”

Polygon Foundation CEO Sandeep Nailwal offered a broader warning about adoption timelines.

“Countries slow to adopt stablecoins will face the same problem as late internet adopters,” he wrote.

Nailwal noted that cross-border payments still cost 6% and take days, while stablecoins settle in seconds for fractions of a cent.

The UK’s regulatory framework for stablecoins remains in development, with full implementation expected by late 2026.

Whether tGBP gains meaningful traction may depend on how quickly the FCA finalizes those rules.