FCA chooses four firms for its regulatory sandbox
26 February 2026 UK
Image: maurice norbert/stock.adobe.com
The UK Financial Conduct Authority (FCA) has selected Monee Financial Technologies, ReStabilise, Revolut, and VVTX to test how their stablecoin services work with proposed regulation in a safe environment.
The regulatory sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards.
It will help the regulatory body assess its proposed policy in a live environment and ensure future rules are clear, effective, and support responsible innovation.
The FCA’s testing will primarily focus on stablecoin issuance and the findings will help shape the UK’s final stablecoin rules later in 2026.
The four selected firms’ proposals represent a range of stablecoin use cases, including payments, wholesale settlement, and crypto trading.
Each firm will receive feedback from FCA specialists while helping to shape the UK’s regulatory approach.
The testing — beginning in the first quarter of 2026 — is part of the FCA’s broader work to enable innovation across UK financial services and complements other innovation initiatives such as the Digital Securities Sandbox (DSS).
Matthew Long, director of payments and digital assets at the FCA, says: 'We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading.
“It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the government's National Payments Vision.”
The regulatory sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards.
It will help the regulatory body assess its proposed policy in a live environment and ensure future rules are clear, effective, and support responsible innovation.
The FCA’s testing will primarily focus on stablecoin issuance and the findings will help shape the UK’s final stablecoin rules later in 2026.
The four selected firms’ proposals represent a range of stablecoin use cases, including payments, wholesale settlement, and crypto trading.
Each firm will receive feedback from FCA specialists while helping to shape the UK’s regulatory approach.
The testing — beginning in the first quarter of 2026 — is part of the FCA’s broader work to enable innovation across UK financial services and complements other innovation initiatives such as the Digital Securities Sandbox (DSS).
Matthew Long, director of payments and digital assets at the FCA, says: 'We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading.
“It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the government's National Payments Vision.”
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