FCA Selects Four Firms for Stablecoin Testing within Regulatory Sandbox

The UK is taking steps towards establishing a regulated environment for stablecoins, with four firms selected to participate in live testing within the Financial Conduct Authority's (FCA) Regulatory Sandbox. The selection marks a major milestone in building a formal framework for digital payments in the country.

The FCA has chosen Revolut, Monee Financial Technologies, ReStabilise, and VVTX to test their stablecoin-related plans under real-market conditions while remaining within defined regulatory guardrails designed to protect consumers and financial stability. The live trials will cover various use cases, including stablecoin issuance, retail and wholesale payments, settlement mechanisms, and crypto trading integration.

The data generated from these tests is expected to directly shape the final version of the UK's stablecoin rules, scheduled for release later in 2026. By allowing controlled experimentation, the FCA aims to identify operational risks, consumer protection concerns, and technical challenges before the permanent regime is enacted.