Revolut, one of Europe's most valuable financial technology businesses, has announced plans to test a stablecoin pegged to the British pound.
The trial will take place as part of the Financial Conduct Authority's 'sandbox' programme, which enables firms to trial stablecoin products in controlled conditions. This programme aims to facilitate innovation and experimentation within the fintech industry while maintaining regulatory oversight.
The stablecoin trial involves three small companies: Monee Financial Technologies, ReStabilise, and VVTX. They will collaborate with Revolut to explore potential use cases for stablecoins, including payments, wholesale settlement, and crypto trading.