FCA Selects Four Firms for Stablecoin Trials Ahead of New Crypto Rules

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The UK's Financial Conduct Authority (FCA) has selected four companies to participate in stablecoin testing as part of its Regulatory Sandbox, preparing for the country's upcoming crypto regulations. Trials are scheduled to begin in the first quarter of 2026.

The FCA received 20 applications and chose Monee Financial Technologies, ReStabilise, Revolut, and VVTX to focus on stablecoin issuance. Testing will cover a range of use cases, including payments, wholesale settlement, and crypto trading.

Matthew Long, director of payments and digital assets at the FCA, said the regulator aims to "support UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading," adding that the initiative will "benefit consumers and financial transactions" while contributing to the FCA's strategy and the Government's National Payments Vision.

Firms participating in the sandbox must comply with governance, financial crime, and Consumer Duty rules. They will receive feedback from FCA specialists, which will help shape the UK's final stablecoin regulations, expected later in 2026.

The sandbox is part of the FCA's broader efforts to foster innovation in UK financial services, complementing other initiatives such as the Digital Securities Sandbox. All participating firms will need to obtain full authorisation under the new crypto regime once it launches in October 2027, with applications opening in September 2026.

The FCA has consulted on multiple aspects of crypto regulation, including stablecoin issuance, custody, prudential rules, conduct of business, and market abuse. Policy statements are expected this summer as consultations conclude.