Coinbase has listed tGBP, a sterling-backed stablecoin issued by BCP Technologies, making it available globally from 22 April 2026.
The listing allows Coinbase users in the UK and other supported regions to buy, sell, convert, send, and receive tGBP through the Coinbase app and Coinbase Exchange. BCP Technologies, the issuer behind tGBP, is registered with the UK's Financial Conduct Authority (FCA) and has participated in the FCA's regulatory sandbox.
Sterling stablecoins and the broader market context
The move comes as the stablecoin market continues to expand significantly. The total stablecoin market capitalisation has surpassed USD 300 billion, with some projections placing the asset class at USD 2 trillion within the next few years. In 2025 alone, stablecoins settled over USD 30 trillion in transactions, representing a figure that underscores their growing role in global payment flows beyond speculative trading activity.
Coinbase has framed tGBP's listing as part of a wider strategy to support locally denominated stablecoins across international markets. A sterling-pegged stablecoin addresses a specific gap in the current ecosystem: the majority of stablecoins in circulation remain pegged to the USD, requiring UK-based users and businesses operating in sterling to manage ongoing foreign exchange exposure when transacting in digital assets. A GBP-backed instrument removes that conversion layer, enabling participants in tokenised asset markets and on-chain payment systems to operate in their domestic currency.
Regulatory framing and policy considerations
Alongside the listing, Coinbase has outlined a set of policy positions relevant to the UK's developing stablecoin regulatory framework. The exchange has called for proportionate prudential requirements, arguing that mandating systemic stablecoin issuers to hold 40% of reserves in unremunerated central bank cash would not reflect a risk-based approach. It has also argued against issuance caps, describing volume limits as a constraint on the sector's development, and has advocated for allowing stablecoins to function as settlement assets in wholesale tokenisation markets outside of sandbox environments.
The UK is in the process of establishing a formal regulatory regime for stablecoins, with the FCA leading authorisation and oversight of fiat-backed issuers. BCP Technologies' existing FCA registration and sandbox participation position tGBP as one of the earlier sterling stablecoins to enter the market under emerging compliance frameworks.
The listing marks a broader directional shift in how exchanges are approaching stablecoin provision: moving away from dollar-dominant offerings towards multi-currency digital instruments aligned with the regulatory and commercial environments of specific markets.
