Stablecoin issuer Agant won registration as a cryptoasset business with the U.K.’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 Wednesday.

The registration, granted under the country's money laundering regulations, positions the firm to issue GBPA, a fully backed sterling stablecoin designed for institutional use.

Stablecoins, digital tokens typically pegged to fiat currencies or other reserve assets, function as the crypto market’s main payment and cross-border settlement rails. The sector is led by Tether’s dollar-pegged USDT, with market capitalization of almost $184 billion, followed by Circle Internet’s USDC.

While the dollar stablecoins dominate the global market, pound-pegged versions are gaining attention as the U.K. advances its regulatory framework for crypto assets and stablecoins, aiming to position London as a hub for digital asset innovation. Adoption remains limited compared with dollar-based alternatives, but clearer regulation and institutional backing could drive broader use.

When issued, GBPA will enter a field that already includes Tokenised GBP (TGBP), which has a market cap of $4.9 million, according to CoinGecko data. It aims to operate within the U.K.’s regulatory framework.

Smaller tokens, including VNX British Pound (VGBP) and Mento British Pound (GBPM), have market caps in the low 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 pounds sterling and structured to operate within the U.K.’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 moved beyond niche crypto tooling to become one of the pillars of digital finance, with total market capitalization consistently tracking in the hundreds of billions of dollars and onchain volumes reaching multi-trillion-dollar levels.

Total supply has climbed sharply over recent years, exceeding $280 billion–$300 billion in 2025, driven by broader use in cross-border payments, treasury operations and institutional liquidity management. Institutional adoption, regulatory clarity and integration with traditional financial rails are increasingly cited as growth drivers, with forecasts suggesting continued expansion into the broader global payments and settlement ecosystem.

"A well-designed GBP stablecoin provides a strong foundation for innovation in payments, settlement and tokenized assets in the U.K.," Agant CEO Andrew MacKenzie said in the release.

MacKenzie added that the company is working closely with regulators, financial institutions and global partners as it builds out its platform.

Agant, whose registered office is in Stirling, Scotland, is focused on institutional digital finance and said the stablecoin will be fully backed and compliant with applicable U.K. laws and regulations.

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