Kamino launches tGBP lending market on Solana for pound-denominated borrowing

Kamino, a lending protocol in the Solana ecosystem, has launched a new borrowing and lending market built around tGBP, a pound-backed stablecoin. The product lets users deposit tGBP to earn yield or borrow tGBP against collateral including USDC, cbBTC and JitoSOL. The market is managed by asset manager Steakhouse Financial. tGBP is issued by BCP Technologies, which is registered with the UK Financial Conduct Authority, and is designed to maintain a 1:1 peg with the British pound. The new market gives users and businesses that need pound-denominated loans another on-chain credit option. It also aims to reduce the foreign-exchange risk that can come with borrowing through dollar stablecoins. Dollar stablecoins still dominate DeFi. Kamino’s move adds a non-dollar option to on-chain credit and points to a broader push toward multi-currency lending services.