The Financial Conduct Authority (FCA) has chosen four companies to test how their stablecoin services work with proposed regulation in its Regulatory Sandbox.
The four companies, Monee Financial Technologies, ReStabilise, Revolut and VVTX, will be able to trial stablecoin products in real-world conditions with appropriate safeguards within the Regulatory Sandbox programme.
The programme will also help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation.
The testing will primarily focus on stablecoin issuance. The four selected firms’ proposals represent a range of stablecoin use cases, across payments, wholesale settlement and crypto trading.
As part of the programme, each firm will receive feedback from FCA specialists while helping to shape the UK’s regulatory approach.
Matthew Long, director of payments and digital assets at the FCA, said: “We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading. It will benefit consumers and financial transactions and help to deliver the FCA’s strategy and the Government’s National Payments Vision.”
The testing is part of the FCA’s broader work to enable innovation across UK financial services and complements other innovation initiatives, such as the Digital Securities Sandbox (DSS).
Testing begins in early 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026.
In December 2025, the regulator announced that stablecoins would be a policy priority for 2026, revealing a set of new growth measures for the year.
In December, the FCA also set out its formal proposals for regulating the UK’s cryptoasset market, inviting feedback from industry experts in a consultation period which ended earlier this month.
