Coinbase has listed tGBP, the first pound-pegged stablecoin issued under the UK Financial Conduct Authority (FCA) framework, on its global platform.

Cryptopolitan, a blockchain outlet, reported on Tuesday that the listing came as Coinbase has expanded its services in Britain over the past six months to include lending, decentralised finance (DeFi) trading and savings accounts.

tGBP is a stablecoin issued by FCA-registered firm BCP Technologies. The reserve assets consist of cash and short-term UK government bonds, and 1 token can be redeemed for 1 pound. Coinbase also set out its position on the design of the UK's stablecoin regime following the listing.

Coinbase opposed a proposal to require systemically important stablecoin issuers to hold 40 percent of reserves as non-interest-bearing cash at a central bank. The company argued that the rule does not align with a risk-based approach.

It also drew a line on issuance caps. Coinbase said imposing a "regulatory speed limit" or cap on stablecoin issuance is effectively the same as placing a cap on innovation. It also called for stablecoins to be allowed as settlement assets in the wholesale tokenisation market outside regulatory sandboxes.

Coinbase also highlighted the potential for market expansion. The total stablecoin market capitalisation has surpassed $300 billion, and it said the market could grow to $2 trillion, citing that stablecoin payment transaction volume reached $30 trillion in 2025.

Two days before listing tGBP, Coinbase also launched a crypto-collateralised lending product for UK users. Users can pledge bitcoin, ether and cbETH (an ether staking asset) as collateral and borrow USDC within 1 minute. The service is based on Morpho, an open-source protocol that runs on Coinbase's layer 2 network Base. The borrowing limit is up to $5 million depending on the value of the collateral.

Keith Grose (키스 그로스), senior country director for Coinbase UK, described the launch as "part of a strategy to make Coinbase the best platform in the UK for crypto investing and money management". The lending product was first launched in the United States in January 2025, and as of mid-April 2026, cumulative loan originations through Morpho had exceeded $2.17 billion.

On the same day, the FCA launched its first joint enforcement operation targeting illegal person-to-person crypto trading in London. The FCA said it searched 8 addresses in London and delivered letters amounting to orders to cease operations, and secured evidence to support an ongoing criminal investigation. As there are currently no FCA-registered person-to-person crypto traders or platforms in Britain, such activity is all conducted outside the law.

Britain's comprehensive crypto regulatory framework is set to take full effect in October 2027. Applications for company authorisation will begin from September 2026. As a result, the British market is expected to see an expansion of regulated services such as stablecoins and lending, alongside tougher crackdowns on unregistered trading.

We're bringing the UK onchain, and the British Pound to the world. tGBP is now listed and available to use on Coinbase. Our first listed GBP-backed stablecoin - ensuring the UK's position in the future of finance. Find out more ↓ pic.twitter.com/soApIheaQS