Kamino has launched a lending market for tGBP, a British pound stablecoin issued by BCP Technologies, expanding Solana-based credit beyond the dollar stablecoins that still dominate decentralized finance.
The new market allows users to supply tGBP or borrow it against supported collateral including USDC, cbBTC and JitoSOL. It is curated by Steakhouse Financial and is designed to bring sterling-denominated liquidity onchain.
A pound-based lending option on Solana
The launch gives Kamino users access to a market built around a token intended to track the British pound on a one-to-one basis. BCP Technologies is the issuer of tGBP, which adds a non-dollar borrowing and lending option to a DeFi sector where activity is still concentrated in U.S. dollar stablecoins.
By listing tGBP in its lending system, Kamino is making it possible for users to either deposit the token into the market or take out sterling-denominated loans using approved crypto collateral. In practical terms, that means pound liquidity can now be accessed on Solana without first borrowing in dollars and taking on a separate currency mismatch.
Why sterling-denominated credit matters
The market addresses a long-standing limitation in DeFi: most onchain borrowing is structured around dollar exposure even when a user’s real-world expenses are not. A borrower whose costs, revenues or accounting are denominated in pounds may prefer debt in sterling rather than in a dollar stablecoin.
Borrowing in dollars can introduce foreign-exchange risk in addition to the core loan obligation. A GBP-denominated market removes part of that mismatch, which could make onchain credit more practical for some British users or businesses that want financing aligned with pound-based liabilities.
Issuer and market structure
According to the source article, BCP Technologies is registered as a cryptoasset business with the U.K. Financial Conduct Authority. Steakhouse Financial is curating the tGBP market on Kamino.
Supported collateral for borrowing tGBP includes USDC, cbBTC and JitoSOL. That structure gives the market a familiar DeFi format while shifting the borrowed asset from dollars into sterling.
A small step in a dollar-dominated sector
The addition of tGBP does not change the broader balance of power in DeFi markets. Dollar stablecoins remain much larger and generally more liquid, which continues to attract both borrowers seeking deep markets and lenders looking for steady demand and accessible exit liquidity.
That dynamic can be difficult to break. Creating a non-dollar lending market requires more than issuing a token, because the pool also needs enough participation on both sides to keep borrowing rates competitive and liquidity usable. In that sense, Kamino’s tGBP market is better understood as an incremental expansion rather than a shift away from dollar-based finance.
What comes next
The immediate significance of the launch is that sterling is now available as a borrowing and lending currency on Solana through Kamino. More broadly, it points to a version of onchain credit that could eventually serve users and businesses operating in multiple currencies rather than only in dollars.
The next confirmed test is adoption. The key question is whether lenders and borrowers will actually choose to earn yield and take on debt in pounds while dollar liquidity remains far deeper across crypto markets.
Source: bitcoinist.com