Revolut and Three Firms Selected for Stablecoin Testing in the UK

FCA selects Revolut and others for stablecoin testing in the UK.

The UK’s Financial Conduct Authority (FCA) has selected Revolut, Monee Financial Technologies, ReStabilise, and VVTX from 20 applicants to participate in a stablecoin “regulatory sandbox.” 

The programme will allow firms to test stablecoin-based products in real-world conditions with appropriate safeguards. 

This initiative will help the FCA assess its supervisory policy in practice and ensure “clarity, efficiency, and support for responsible innovation in the future.” The regulator will focus primarily on the issuance process of digital assets. 

“The proposals from the selected four companies represent a wide range of stablecoin use cases, including payments, wholesale settlements, and cryptocurrency trading. Each firm will receive feedback from FCA specialists and contribute to shaping the UK’s regulatory approach,” the agency added. 

Testing will commence in the first quarter, and the results will help establish final rules for stablecoins in the country later in 2026.

“We support UK stablecoin issuers to ensure trust in payments, settlements, and trading. This will benefit consumers and financial transactions, and help implement the FCA’s strategy and the government’s National Payments Systems Concept,” said Matthew Long, Director of Payments and Digital Assets at the FCA.

Earlier in February, the UK’s Treasury appointed HSBC to conduct a pilot issuance of digital government bonds.