Revolut and three other companies to test stablecoins in UK regulator program
The UK Financial Conduct Authority has selected four companies — Monee Financial Technologies, ReStabilise, Revolut and VVTX — to participate in a dedicated stablecoin testing program within its Regulatory Sandbox. The chosen firms are set to begin pilot projects in the first quarter of 2026.
Out of 20 applicants, the regulator picked these projects to test stablecoin issuance models and their use under the UK’s forthcoming regulatory framework. The trials will take place in a controlled environment and will cover payments, wholesale settlement and crypto trading.
The FCA said the program’s findings will help shape the final stablecoin regime, which is expected to be finalized by the end of 2026. Once the full framework comes into force in October 2027, all participants will be required to obtain formal authorization.
The regulator emphasized that its goal is to ensure stablecoins can be trusted for payments, clearing and trading, while maintaining strict risk controls.
Industry criticism
Despite the sandbox launch, some in the crypto industry view the UK’s approach as overly cautious. Coinbase CEO Brian Armstrong criticized potential limits on the amount of stablecoins individuals and businesses may hold, arguing that such caps could undermine the UK’s competitiveness in the global digital asset market.The debate highlights the balance London is trying to strike between financial stability and innovation.
Why it matters
The launch of a dedicated stablecoin sandbox signals that the UK is moving from policy discussions to practical testing of digital money within a regulated framework. It allows regulators to assess risks before implementing permanent rules, while enabling companies to test business models without the full burden of licensing requirements.For the market, this indicates that stablecoins are increasingly seen not as speculative tools but as payment and settlement infrastructure. If successful, the program could strengthen the UK’s position as one of Europe’s leading digital asset hubs. However, overly restrictive measures could slow progress and push businesses toward more flexible jurisdictions.
Earlier, we reported that Revolut is expanding its strategy in Latin America by entering Peru’s banking market.
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