Financial and Business News

FCA Picks Four Firms for Stablecoin Trials in Sandbox Ahead of Next Year’s Crypto Rules

Wednesday, 25/02/2026 | 13:51 GMT by Tareq Sikder
  • The regulator has selected Revolut, Monee, ReStabilise, and VVTX to begin stablecoin sandbox trials in Q1 2026.
  • Firms must meet governance, financial crime, and Consumer Duty rules for authorisation.
FCA

The Financial Conduct Authority has chosen four companies to trial stablecoin services under proposed regulations. The initiative is part of the FCA’s Regulatory Sandbox, which allows firms to test products in real-world conditions with safeguards.

The sandbox follows the FCA’s broader work on crypto regulation. Last month, it opened a consultation on final rules for cryptoasset firms, with responses accepted until 12 March 2026.

FCA Begins Testing Stablecoin Issuance Program

Matthew Long, director of payments and digital assets at the FCA
Matthew Long, Director of Payments and Digital Assets at the FCA, Source: LinkedIn

The FCA received 20 applications and selected Monee Financial Technologies, ReStabilise, Revolut, and VVTX. Testing will focus on stablecoin issuance. The proposals cover different use cases, including payments , wholesale settlement, and crypto trading.

Matthew Long, director of payments and digital assets at the FCA, said the regulator is “supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading,” adding that the work will “benefit consumers and financial transactions” and contribute to the FCA’s strategy and the Government’s National Payments Vision.

Stablecoin Testing Part of Regulatory Review

Firms in the sandbox will receive feedback from FCA specialists. The findings will inform the UK’s stablecoin rules, expected to be finalised later in 2026. Testing is scheduled to begin in the first quarter of 2026.

The FCA described the sandbox as part of a broader effort to enable innovation in UK financial services. It complements initiatives such as the Digital Securities Sandbox.

Sandbox Firms Must Obtain Full Authorisation

All firms in the sandbox will need to be authorised under the new crypto regime once it launches in October 2027. The application gateway opens in September 2026.

The FCA has previously consulted on multiple aspects of crypto regulation, including stablecoin issuance, cryptoasset custody, prudential rules, conduct of business, and market abuse. The consultations are now largely complete, and policy statements are expected this summer.

The Financial Conduct Authority has chosen four companies to trial stablecoin services under proposed regulations. The initiative is part of the FCA’s Regulatory Sandbox, which allows firms to test products in real-world conditions with safeguards.

The sandbox follows the FCA’s broader work on crypto regulation. Last month, it opened a consultation on final rules for cryptoasset firms, with responses accepted until 12 March 2026.

FCA Begins Testing Stablecoin Issuance Program

Matthew Long, director of payments and digital assets at the FCA
Matthew Long, Director of Payments and Digital Assets at the FCA, Source: LinkedIn

The FCA received 20 applications and selected Monee Financial Technologies, ReStabilise, Revolut, and VVTX. Testing will focus on stablecoin issuance. The proposals cover different use cases, including payments , wholesale settlement, and crypto trading.

Matthew Long, director of payments and digital assets at the FCA, said the regulator is “supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading,” adding that the work will “benefit consumers and financial transactions” and contribute to the FCA’s strategy and the Government’s National Payments Vision.

Stablecoin Testing Part of Regulatory Review

Firms in the sandbox will receive feedback from FCA specialists. The findings will inform the UK’s stablecoin rules, expected to be finalised later in 2026. Testing is scheduled to begin in the first quarter of 2026.

The FCA described the sandbox as part of a broader effort to enable innovation in UK financial services. It complements initiatives such as the Digital Securities Sandbox.

Sandbox Firms Must Obtain Full Authorisation

All firms in the sandbox will need to be authorised under the new crypto regime once it launches in October 2027. The application gateway opens in September 2026.

The FCA has previously consulted on multiple aspects of crypto regulation, including stablecoin issuance, cryptoasset custody, prudential rules, conduct of business, and market abuse. The consultations are now largely complete, and policy statements are expected this summer.

Topics
fca
crypto
stablecoin
stablecoins
revolut
The Financial Conduct Authority (FCA)
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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