UK FCA Shortlists Revolut and Three Others for UK Stablecoin Trial

The Financial Conduct Authority has selected four firms to join its stablecoin sandbox as the UK moves closer to finalizing rules for digital assets pegged to fiat currencies. The regulator said the cohort will test proposed requirements in a controlled environment before a broader regime takes effect.

The four firms chosen are Monee Financial Technologies, ReStabilise, Revolut and VVTX. The FCA received 20 applications and narrowed the list to projects it said reflect different stablecoin use cases, including payments, settlement and crypto trading.

Testing is scheduled to begin in the first quarter of 2026. Participants will operate under their existing permissions and registrations while the regulator observes how issuance, custody and reserve management function under draft rules.

Stablecoin models and use cases under review

Monee Financial Technologies plans to focus on settlement infrastructure. The firm aims to support cross border issuance, trading and settlement of digital securities using stablecoin rails. It also takes part in wider industry initiatives linked to financial market infrastructure.

ReStabilise is developing a UK based issuance and custody platform for pound sterling and other currency stablecoins. The company targets institutional clients and offers stablecoins as a service, allowing financial firms to issue tokens backed by reserves.

Revolut intends to test a pound denominated stablecoin designed to maintain a one to one value with sterling. The token would be backed by pound reserves and integrated into the firm’s existing financial and crypto ecosystem.

Regulatory goals and broader UK context

VVTX is building a UK based ecosystem that connects traditional finance with blockchain infrastructure. Its project includes a pound stablecoin and payment functionality tied to consumer card services.

The FCA said the sandbox will help it assess consumer protection, financial stability and operational resilience before final rules take effect. The regulator has outlined plans to supervise issuers, require appropriate reserve backing and set standards for safeguarding client funds.

The UK government has signaled support for a regulated stablecoin framework as part of its broader digital asset strategy. Through the sandbox, the FCA will collect data and practical feedback to refine its approach before stablecoins move into full scale deployment under UK law.