UK’s Financial Conduct Authority (FCA) has announced the four firms chosen to test stablecoin services in its regulatory sandbox program.
FCA’s Sandbox Will Shape UK’s Stablecoin Rules Later In 2026
In a new announcement, the FCA has revealed the four companies that are part of the regulator’s stablecoin sandbox program. This sandbox will trial stablecoin-related products in a safe environment under proposed regulatory rules.
The FCA first launched a special cohort called the “stablecoins cohort” for its regulatory sandbox back in November 2025. “The stablecoins cohort is part of our commitment to supporting growth and innovation in UK financial services,” noted the statement.
The UK regulator took applications from companies between November 26th and January 18th to become members of the cohort. 20 firms applied and now, the FCA has announced the results.
Monee Financial Technologies, ReStabilise, Revolut, and VVTX are the four companies selected by the regulator to test how their services and products would work with proposed regulation. “It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation,” explained the FCA.
The proposals of the four firms cover a range of stablecoin use cases, including payments, wholesale settlement, and trading, but FCA’s sandbox will mainly focus on the issuance of these fiat-tied tokens. “We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading,” said Matthew Long, director of payments and digital assets at the FCA.
According to the announcement, UK’s sandbox testing will begin in the first quarter of 2026, with the findings helping mold the country’s final stablecoin rules later in the year.
The UK isn’t the only country that has been making progress on regulation related to this class of cryptocurrencies. Last year, President Donald Trump signed on the GENIUS Act, providing a regulatory framework for stablecoins in the United States.
Over in Asia, Hong Kong put into legislation its stablecoin bill in August, while South Korea’s bill is pending debut as policymakers debate issuance models, with the country’s central bank advocating for bank-only won tokens.
The legislative momentum around the world has meant that fiat-pegged digital assets have been gaining more adoption. Japan observed the launch of its first yen token last year. Meanwhile, in Europe, twelve major banks have come together to form a consortium aimed at launching a euro-tied stablecoin in the second half of 2026. Currently, the sector is heavily dominated by USD coins, so the consortium plans to challenge the hegemony with a real European alternative.
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