Revolut among cohort testing stablecoin plans with the FCA

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The Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards.

The watchdog says it received 20 applications from firms wishing to test how their stablecoin services would work with proposed regulations.

The consultations on the future regulatory regime for cryptoassets are substantively complete, with the FCA set to publish its Policy Statements this summer.

The FCA’s initial testing will primarily focus on stablecoin issuance. The four selected firms’ proposals represent a range of stablecoin use cases, including payments, wholesale settlement and crypto trading.

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.”

He says the application gateway for firms who want to be authorised to carry out crypto activities in the UK opens in September 2026 and now is the time to start getting ready.

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