Coinbase has listed tGBP, a pound-pegged stablecoin issued under the UK Financial Conduct Authority framework, on its global platform. The token is issued by BCP Technologies and is backed by cash and short-term UK government bonds, redeemable 1 to 1 for pounds. Coinbase opposed requiring systemically important issuers to hold 40 percent of reserves as non-interest-bearing central bank cash and criticised issuance caps.

Britain is moving to create a single payments regulatory framework that would treat stablecoins and tokenised deposits alongside existing payment services. The Treasury unveiled its direction for reforms at London Fintech Week. Plans include bringing stablecoins used for payments under an issuance regime, expanding the Financial Conduct Authority’s open banking oversight and reviewing rules for payments carried out by AI agents. The government also appointed Chris Woolard as wholesale digital markets champion and pledged 1 million pounds from April for the Centre for Finance, Innovation and Technology.