FCA selects four firms for UK stablecoin sandbox testing
The UK Financial Conduct Authority has shortlisted four firms for its first stablecoin sandbox. The cohort includes Revolut and three smaller providers testing payments and trading use cases in early 2026.
FCA names first sandbox cohort
The UK Financial Conduct Authority has selected four firms for its first stablecoin sandbox. The firms are Monee Financial Technologies, ReStabilise, Revolut and VVTX. The sandbox structure lets these companies test stablecoin services under regulatory supervision in the United Kingdom. The programme focuses on how stablecoin services operate under proposed UK rules.
Application pool and use case focus
The regulator received applications from multiple projects and reduced the list to four participants. The chosen firms represent different stablecoin use cases, including payments, settlement between institutions, and services linked to crypto trading activity. This range of activity reflects payments, wholesale settlement, and crypto trading as described by the regulator. The selection supports testing stablecoin products in live conditions with regulatory safeguards.
Timeline for UK stablecoin testing
Testing in the sandbox is scheduled to start in the first quarter of 2026. The timetable aligns with the United Kingdom plan to finalise rules for stablecoins tied to traditional currencies later in 2026. Findings from the tests will help shape the final UK stablecoin framework. The sandbox sits alongside other FCA innovation projects in digital assets.
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