Overview
- The Financial Conduct Authority selected Monee Financial Technologies, ReStabilise, Revolut and VVTX from 20 applicants to run supervised live stablecoin tests.
- Trials beginning in the first quarter of 2026 will focus on issuance and evaluate payments, wholesale settlement and crypto trading use cases with feedback from FCA specialists.
- Results from the sandbox will inform the UK’s stablecoin rulebook later this year, with an application gateway due in September 2026 and full authorisation required from October 2027.
- Reuters reported that Revolut plans to test a pound‑pegged token in the sandbox, according to a source familiar with the matter.
- Separately, the Bank of England’s proposed temporary caps on stablecoin holdings face industry opposition, with a parliamentary petition at roughly 81,900 signatures.