The U.K. regulator selected four FinTech companies to test stablecoin-based services within its Regulatory Sandbox. The trials are set to begin in Q1 2026.
The U.K. Financial Conduct Authority (FCA) announced the launch of pilot testing for stablecoin innovations and revealed the participants selected for the next phase of the initiative. The project aims to assess stablecoin issuance models in conditions as close to real-world environments as possible, applying regulatory safeguards and protective mechanisms.
The initiative will be carried out within the Regulatory Sandbox framework, with four companies taking part in the trials:
- Revolut. A London-based international FinTech company offering digital banking, currency exchange, crypto trading, and other financial services through a mobile app. As part of the initiative, the company will test a pound-pegged stablecoin.
- Monee Financial Technologies. A U.K. FinTech firm developing infrastructure for the issuance and circulation of digital assets. Within the project, the company will test a regulated stablecoin issuance model focused on institutional settlements and payments.
- ReStabilise. A London-based digital asset startup specializing in regulated stablecoins backed by fiat reserves. As part of the initiative, the company will test the issuance of a stablecoin designed for payments and cross-border transactions.
- VVTX. A blockchain infrastructure developer working on building its own network for digital asset issuance. Within the project, the company will test the use of a pound-pegged stablecoin for settlements and operations in the crypto market.
The testing will primarily focus on stablecoin issuance. The proposed solutions cover various use cases, from retail payments to wholesale settlements and crypto market transactions. During the trials, participating companies will receive feedback from FCA specialists, while the regulator will gather data to refine the regulatory framework.
According to Matthew Long, FCA Director of Payments and Digital Assets, the regulator aims to ensure trust in U.K. stablecoin issuers across payments, clearing, and trading segments. He emphasized that the initiative is intended to strengthen consumer protection and support the government’s strategy for developing the national payments infrastructure.
The U.K. financial authority considers stablecoins a cornerstone of the new digital infrastructure and recognizes digital assets as objects of personal property. The draft regulatory framework for the stablecoin sector was developed in 2025, with implementation planned for 2026.
