The listing, announced Wednesday (April 22), comes amid what the cryptocurrency exchange describes as a pivotal moment for these digital assets.
“Stablecoins are having their ‘iPhone moment,’“ Coinbase wrote on its blog. “They are no longer just a tool for crypto traders; they are becoming central to the global payments system. As the global economy moves online, stablecoins are set to become the default way people and businesses move money both globally and locally.”
The company noted that the stablecoin market cap has reached over $300 billion, with some projections showing it becoming a $2 trillion asset class by 2028. Last year, stablecoins settled more than $30 trillion in transactions.
Coinbase said this new listing is also part of an effort to expand access to locally-denominated stablecoins. In this case, the focus is on the U.K.
The company added that for the U.K. to become a global crypto hub, it needs to maintain a supportive regulatory environment. The issuer of tGBP, BCP Technologies, is registered with the Financial Conduct Authority (FCA), and has participated in the FCA’s regulatory sandbox.
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Despite the rising popularity of stablecoins, research from the Federal Reserve and PYMNTS Intelligence show the tokens haven’t yet transformed the payment system.
The Fed findings, published earlier this month, show that the vast majority of the tokens are not part of the real economy. Rather, they’re “sitting idle or circulating within crypto markets instead of being used to pay for goods and services,” PYMNTS wrote.
The research shows that less than 1% of stablecoins are used for payments, based on transaction volume and inferred velocity, while close to half of all stablecoins are being used within crypto finance, including exchanges, lending protocols and related infrastructure.
Meanwhile, the PYMNTS Intelligence research found that more than four in 10 middle market firms report having at least discussed or tested stablecoins, but just 13% report actual use.
The gulf between awareness and implementation highlights a continual hesitation among finance leaders. Stablecoins are viewed as potentially useful, but not yet woven into regular financial operations.
“The data also helps explain the idle balances identified in the Fed’s research. Firms are not rejecting stablecoins,” PYMNTS wrote. “Instead, they are holding back until the operational case becomes clearer, particularly as they weigh how these tools would integrate with treasury systems and payment workflows.
