Kamino, a Solana lending protocol, has opened a lending market for tGBP, a British-pound stablecoin issued by BCP Technologies. The market allows users to supply tGBP to earn yield or borrow sterling-denominated liquidity against collateral including USDC, cbBTC, and JitoSOL.
BCP Technologies, the issuer of tGBP, is registered as a cryptoasset business with the U.K.’s Financial Conduct Authority. tGBP is designed to track the British pound on a one-to-one basis.
Market Design and Collateral
The lending market accepts three primary collateral types: USDC, cbBTC, and JitoSOL. Steakhouse Financial is serving as the market curator. The market structure enables British users and businesses to borrow in pounds, avoiding foreign-exchange exposure compared to borrowing dollar stablecoins, which remain vastly larger and more liquid across crypto markets.
Lending Market Mechanics
DeFi lending markets typically require sufficient lenders and borrowers to maintain competitive rates and usable liquidity. Kamino’s tGBP market provides access to sterling-denominated borrowing on Solana, where dollar stablecoins have historically dominated lending activity.
The addition of a pound-denominated lending option on Solana represents an expansion of sterling exposure in decentralized finance. Users can now supply tGBP directly to the protocol to generate yield or access pound-denominated debt without converting to or from dollar stablecoins.
