UK FCA Selects Revolut and Three Others for Stablecoin Sandbox Tests
The UK Financial Conduct Authority is developing a regulatory framework for stablecoins covering issuance, payments and reserve management. Its regulatory sandbox allows companies to test products in a controlled environment while giving the regulator insight into risks. The results will shape the UK's final rules and the competitive landscape of its digital asset market.
The FCA has selected Revolut, Monee, ReStabilise and VVTX to test stablecoin issuance and payments in the sandbox in the first quarter of 2026. The program will examine how their products operate under the proposed rules and inform the final framework. Test amounts, issuance volumes and individual launch dates have not yet been disclosed.
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The history behind this eventBank of England Recognizes Stablecoins as New Form of Money, Plans to Open Regulatory Applications by Year-End
The Bank of England has defined stablecoins as a “new form of money” that can be used for payments and settlement. The move signals a policy shift from guarding against crypto-asset risks to establishing rules for issuance, reserves and redemption. It has implications for the sterling payment system and the development of tokenized deposits, while giving banks and fintech companies clearer market direction.
By the end of 2024, the BoE plans to begin accepting regulatory applications for “systemic stablecoins” that could be widely used for payments. The Financial Conduct Authority is also supporting sterling stablecoins that meet standards for reserves, redemption and consumer protection. Digital bank Revolut, which already offers crypto-asset services, could be among the first applicants or issuers.
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