Stablecoin issuer Agant has obtained registration as a cryptoasset company with the United Kingdom’s Financial Conduct Authority (FCA), marking a regulatory milestone as it prepares to introduce a pound-denominated stablecoin, the company said in a press release on Wednesday.
The registration, granted under the country’s money laundering regulations, positions the company to issue GBPA, a fully backed sterling stablecoin designed for institutional use.
Stablecoins, digital tokens typically pegged to fiat currencies or other reserve assets, serve as the cryptocurrency market’s primary cross-border payment and settlement avenues. The sector is led by Tether’s USDT, pegged to the dollar, with a market capitalization of almost $184 billion, followed by Circle Internet’s USDC.
While dollar stablecoins dominate the global market, pound-pegged versions are gaining attention as the UK advances its regulatory framework for crypto assets and stablecoins, aiming to position London as a hub for digital asset innovation. Adoption remains limited compared to dollar-based alternatives, but clearer regulation and institutional support could drive broader use.
When issued, GBPA will enter a field that already includes tokenized GBP (TGBP), which has a market capitalization of $4.9 million, according to data from CoinGecko. It aims to operate within the UK regulatory framework.
Smaller tokens, including VNX British Pound (VGBP) and Mento British Pound (GBPM), have market caps of hundreds of thousands, or even tens of thousands, of dollars, underscoring how nascent the GBP stablecoin market remains.
Agant said GBPA will be redeemable 1:1 for British pounds and will be structured to operate within the UK’s evolving crypto regulatory framework. The company aims to integrate the token with traditional financial infrastructure while leveraging blockchain-based programmability and settlement efficiency.
Stablecoins have gone beyond niche crypto tools to become one of the pillars of digital finance, with total market capitalization consistently hovering in the hundreds of billions of dollars and on-chain volumes reaching multi-trillion-dollar levels.
Total supply has increased sharply in recent years, surpassing $280 billion or $300 billion by 2025, driven by broader use in cross-border payments, treasury operations and institutional liquidity management. Institutional adoption, regulatory clarity and integration with traditional financial avenues are increasingly cited as drivers of growth, and forecasts suggest continued expansion into the broader global payments and settlements ecosystem.
“A well-designed GBP stablecoin provides a solid foundation for innovation in payments, settlement and tokenized assets in the UK,” Agant CEO Andrew MacKenzie said in the statement.
MacKenzie added that the company is working closely with regulators, financial institutions and global partners as it develops its platform.
Agant, whose registered office is in Stirling, Scotland, focuses on institutional digital finance and said the stablecoin will be fully backed and compliant with applicable UK laws and regulations.
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