Stablecoin issuer Agant has received crypto-asset business registration from the UK Financial Conduct Authority (FCA), the company said in a press release on Wednesday, marking a regulatory milestone as the company prepares to launch a pound-denominated stablecoin.
Registration under the country’s anti-money laundering regulations enables the company to issue GBPA, a fully backed British pound stablecoin designed for institutional use.
Stablecoins are digital tokens typically pegged to fiat currencies or other reserve assets and are the main payment and cross-border settlement rail in the cryptocurrency market. The industry is led by Tether’s U.S. dollar-pegged USDT, with a market capitalization of nearly $184 billion, followed by Circle Internet’s USDC.
While U.S. dollar stablecoins dominate global markets, sterling-pegged stablecoins are gaining traction as the U.K. advances a regulatory framework for cryptoassets and stablecoins, aiming to position London as a hub for digital asset innovation. Adoption remains limited compared to U.S. dollar-based alternatives, but clearer regulatory and institutional support may drive wider use.
Upon its issuance, GBPA will enter a space that already includes tokenized GBP (TGBP), which has a market capitalization of $4.9 million, according to CoinGecko. It aims to operate within the UK regulatory framework.
Smaller coins, including VNX GBP (VGBP) and Mento GBP (GBPM), have market caps in the hundreds or even tens of thousands of dollars, underscoring how nascent the GBP stablecoin market is still.
Agant said the GBPA will be convertible into British pounds at a 1:1 ratio and operate within the UK’s evolving cryptocurrency regulatory framework. The company aims to integrate the token with traditional financial infrastructure while leveraging blockchain-based programmability and settlement efficiency.
Stablecoins have transcended niche crypto tools to become one of the pillars of digital finance, with total market capitalization continuing to be in the hundreds of billions of dollars and on-chain transaction volume reaching trillions of dollars.
Total supply has climbed significantly in recent years and will exceed $280 billion to $300 billion by 2025, driven by wider use in areas such as cross-border payments, treasury operations and institutional liquidity management. Institutional adoption, regulatory clarity and integration with traditional financial rails are increasingly seen as growth drivers, with forecasts indicating continued expansion into the broader global payments and settlement ecosystem.
“The 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 a press release.
McKenzie added that the company is working closely with regulators, financial institutions and global partners as it builds its platform.
Agant, whose registered office is in Stirling, Scotland, focuses on institutional digital finance and said the stablecoin will be fully supported and comply with applicable UK laws and regulations.
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