The UK Financial Conduct Authority has selected Monee Financial Technologies, ReStabilise, Revolut and VVTX to join a dedicated stablecoin cohort within its Regulatory Sandbox, with testing set to begin in the first quarter of 2026.
The regulator said the four firms were chosen from 20 applicants to pilot stablecoin issuance and related use cases, including payments, wholesale settlement and crypto trading, under the UK’s proposed rules in a controlled environment.
Matthew Long, the FCA’s director of payments and digital assets, said the authority would support issuers so they can “be trusted for payments, settlement and trading.”
The stablecoin cohort forms part of the FCA’s long-running sandbox launched in 2016 under Project Innovate, with the specialised track opening for applications in November 2025 as the UK finalises its permanent stablecoin regime.
The regulator said the results of the pilots would help shape the UK’s final stablecoin rules later in 2026, with participating firms required to seek authorisation under the new framework once it comes into force in October 2027.
The FCA has prioritised sterling-denominated stablecoin payments for everyday use and previously explored disclosure and market data standards, signalling a payments-focused approach to digital asset regulation.
However, industry leaders including Coinbase chief executive Brian Armstrong have criticised proposals such as potential holding caps from the Bank of England, warning that restrictive measures could hamper the UK’s competitiveness in the global stablecoin market.