Kraken lists UK-based stablecoin 13 November 2025UK Reporter: Matthew Challis
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Tokenised GBP (tGBP), a pound sterling-backed stablecoin, has been listed on cryptocurrency exchange Kraken.
Issued by UK Financial Conduct Authority (FCA)-registered BCP Technologies, tGBP is currently the only GBP-pegged stablecoin issued by a firm registered with the FCA.
BCP Technologies completed the FCA’s regulatory sandbox programme earlier this year, prior to the launch of the stablecoin.
The authority says this underscores its commitment to regulatory transparency and consumer protection.
Benoit Marzouk, founder and CEO of BCP technologies, is confident — despite recent discussion by the Bank of England regarding potential holding limits for systemic stablecoins — in the long-term outlook for GBP-denominated stablecoins.
He says: “A £10 billion market capitalisation for tGBP would represent roughly 0.3 per cent of M4 (£2,800 billion) and would therefore qualify as a non-systemic stablecoin under FCA supervision, for which no specific limits have been set.”
Moreover, an excess of £1.1 million worth of tGBP has been minted across a plethora of blockchains, including: Ethereum, Base, Avalanche, Polygon, BNB Chain, and Solana.
Going forward, the team at tGBP says they are planning on expanding institutional partnerships and strengthening GBP-denominated DeFi liquidity across blockchain protocols.
As a result, the firm aims to enable users to swap into their other digital assets, take GBP-based crypto-backed loans, in addition to earning on-chain GBP yield within a compliant framework.
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