Financial technology company Revolut is set to participate in a UK trial of a stablecoin, a type of cryptocurrency pegged to a fiat currency.
The trial, which has been sanctioned by the Financial Conduct Authority (FCA), will involve three small companies and aim to explore potential use cases for payments, wholesale settlement, and crypto trading.
Revolut, which is Europe's most valuable financial technology business, plans to begin work on testing a pound-denominated stablecoin this quarter. The company received a UK banking licence with restrictions in 2024 but is still waiting for a full licence.