The UK’s Financial Conduct Authority (FCA) has selected four firms to test stablecoin services in its Regulatory Sandbox, as it works towards a final rulebook later this year.
The cohort – chosen from 20 applicants – comprises Monee Financial Technologies, ReStabilise, Revolut and VVTX. Testing will focus primarily on stablecoin issuance, with use cases spanning payments, wholesale settlement and crypto trading.
The sandbox allows firms to trial products in real-world conditions under regulatory oversight. According to the FCA, the exercise is intended to test its proposed stablecoin framework in practice and to assess whether future rules are clear and workable.
Matthew Long, director of payments and digital assets at the FCA, said the initiative is aimed at ensuring UK stablecoin issuers can be trusted for payments, settlement and trading.
Wider sandbox push
The work complements other FCA innovation initiatives, including the Digital Securities Sandbox. Testing begins in Q1 2026, with findings expected to inform final stablecoin rules later in the year.
