What's Happening?
Kraken, a leading cryptocurrency exchange, has listed Tokenised GBP (tGBP), a fully GBP-backed stablecoin issued by FCA-registered firm BCP Technologies Ltd. This listing marks a significant milestone
for compliant GBP stablecoins and the adoption of regulated digital assets in the UK. tGBP is the only GBP-pegged stablecoin issued by a firm registered with the UK Financial Conduct Authority (FCA). The listing aims to provide UK users with access to decentralised finance (DeFi) technologies, which have been dominated by US-denominated stablecoins like USDC.
Why It's Important?
The listing of tGBP on Kraken represents a major step forward for the adoption of regulated digital assets in the UK. It provides UK users with access to DeFi technologies, potentially increasing the use of GBP-denominated stablecoins in financial transactions and applications. This development could enhance the UK's position in the global cryptocurrency market, promoting innovation and regulatory compliance. The move also underscores the importance of regulatory transparency and consumer protection in the digital asset space, which could influence future regulatory frameworks for stablecoins.
What's Next?
Following the listing, BCP Technologies plans to expand institutional partnerships and strengthen GBP-denominated DeFi liquidity across leading blockchain protocols. This will enable users to swap into other digital assets, take GBP-based crypto-backed loans, and earn on-chain GBP yield within a compliant framework. The team aims to increase the market capitalisation of tGBP, further integrating it into the global cryptocurrency ecosystem. These efforts could lead to increased adoption of GBP-denominated stablecoins and further innovation in the DeFi space.
