UK Regulator Selects Firms for Stablecoin Testing Programme

The UK's Financial Conduct Authority (FCA) has taken steps towards regulating stablecoins by selecting four firms, including Revolut, Monee Financial Technologies, ReStabilise, and VVTX, to participate in a testing programme.

The programme will enable the selected firms to test their stablecoin-based products in real-world conditions with appropriate safeguards. This is expected to provide valuable insights for the FCA as it develops its supervisory policy.

According to the FCA, the proposals from the selected firms cover a range of stablecoin use cases, including payments, wholesale settlements, and cryptocurrency trading.