🕷️ Crawler Inspector

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Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 44 (from laksa171)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa044.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox","crawl_time":1776146452,"first_indexed_time":1772031622,"http_code":200,"src_unparsed":"uk,org,fca!www,\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox s443","src_root_hash":"13100877435065474244","history_drop_reason":null,"meta_title":"FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox | FCA","meta_descriptions":["The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe, environment."],"attrs_boilerpipe_text":"The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment.\nThe stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms: \nMonee Financial Technologies\nReStabilise\nRevolut\nVVTX\nThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation.\nThe FCA’s testing will primarily focus on stablecoin issuance. The 4 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.\nMatthew Long, director of payments and digital assets at the FCA, said: \n'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.’\nThe testing 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).\nTesting begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026.\nNotes to editors\nThe FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox.  \nThe FCA has previously set out the timeline for crypto regulation in its\ncrypto roadmap\n.  \nThe FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody (\nCP25\/14\n), prudential rules (\nCP25\/15\nand\nCP25\/42\n), the application of the FCA Handbook (\nCP25\/25\nand\nCP26\/4\n), conduct of business and high-level standards (\nCP25\/40\n) and admissions and disclosures and market abuse (\nCP25\/41\n).  \nThe consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer.  \nFind out more about\nexisting rules\nfirms must comply with.  \nAll firms will need to be\nauthorised under the new regime\nonce the new regime goes live in October 2027. 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.  \nThe FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to\nwatch on demand\nand the next one will be on 18 March, focusing on the FCA’s\nanti-money laundering rules\n.\nThe Prudential Regulation Authority issued a\nDear CEO letter\non innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins. \nThe FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more\nabout the FCA\n.\n26\/02\/2026\n:\nEditorial amendment\n'Our' updated to 'the 'FCA's'.","attrs_markdown":"[Skip to main content](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#main-content) [Skip to search box](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#edit-search-term)\n\n[![Home](https:\/\/www.fca.org.uk\/themes\/custom\/fca\/images\/logo.png)](https:\/\/www.fca.org.uk\/ \"Home\")\n\nMain menu\n\nMain navigation\n\n- [About us](https:\/\/www.fca.org.uk\/about)\n  ### Contact us\n  Get in touch by phone, via our online form, or by post:\n  \n  Financial Conduct Authority  \n   12 Endeavour Square  \n   London E20 1JN\n  \n  [Contact us](https:\/\/www.fca.org.uk\/contact)\n  \n  #### What we do\n  - [About the FCA](https:\/\/www.fca.org.uk\/about\/what-we-do\/the-fca)\n  - [Enhancing market integrity](https:\/\/www.fca.org.uk\/about\/what-we-do\/enhancing-market-integrity)\n  - [Promoting competition](https:\/\/www.fca.org.uk\/about\/what-we-do\/promoting-competition)\n  - [Protecting consumers](https:\/\/www.fca.org.uk\/about\/what-we-do\/protecting-consumers)\n  \n  #### How we regulate\n  - [Authorisation](https:\/\/www.fca.org.uk\/authorisation-menu)\n  - [Enforcement](https:\/\/www.fca.org.uk\/about\/how-we-regulate\/enforcement)\n  - [Handbook of rules and guidance](https:\/\/www.fca.org.uk\/about\/how-we-regulate\/handbook)\n  - [International standards and regulations](https:\/\/www.fca.org.uk\/about\/how-we-regulate\/international-standards-regulations)\n  - [Supervision](https:\/\/www.fca.org.uk\/about\/how-we-regulate\/supervision)\n  \n  #### How we operate\n  - [Complain about us, the PRA or the Bank of England (the regulators)](https:\/\/www.fca.org.uk\/about\/how-we-operate\/complain-about-regulators)\n  - [Corporate responsibility](https:\/\/www.fca.org.uk\/about\/how-we-operate\/corporate-responsibility)\n  - [Diversity, equity and inclusion: our progress](https:\/\/www.fca.org.uk\/about\/how-we-operate\/diversity-equity-inclusion-progress)\n  - 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[Home](https:\/\/www.fca.org.uk\/)\n2. [News](https:\/\/www.fca.org.uk\/news)\n3. FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox\n\n- [Growth](https:\/\/www.fca.org.uk\/search-results?topic_tags=f.Tag%7CfcaSearchTag%3DGrowth&sort_by=dmetaZ)\n- [Crypto](https:\/\/www.fca.org.uk\/search-results?topic_tags=f.Tag%7CfcaSearchTag%3DCrypto&sort_by=dmetaZ)\n# FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox\nPress Releases\n\nFirst published:\n\n25\/02\/2026\n\nLast updated: 26\/02\/2026 [See all updates](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#revisions)\n\nThe FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment.\n\nThe stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:\n\n- Monee Financial Technologies\n- ReStabilise\n- Revolut\n- VVTX\n\nThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation.\n\nThe FCA’s testing will primarily focus on stablecoin issuance. The 4 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.\n\nMatthew Long, director of payments and digital assets at the FCA, said:\n\n'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.’\n\nThe testing 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).\n\nTesting begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026.\n\n## Notes to editors\n1. The FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox.\n2. The FCA has previously set out the timeline for crypto regulation in its [crypto roadmap](https:\/\/www.fca.org.uk\/publication\/documents\/crypto-roadmap.pdf \"FCA Crypto Roadmap\").\n3. The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody ([CP25\/14](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-14-stablecoin-issuance-cryptoasset-custody \"CP25\/14: Stablecoin issuance and cryptoasset custody\")), prudential rules ([CP25\/15](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-15-prudential-regime-cryptoasset-firms \"CP25\/15: A prudential regime for cryptoasset firms\") and [CP25\/42](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-42-prudential-regime-cryptoasset-firms \"CP25\/42: A prudential regime for cryptoasset firms\")), the application of the FCA Handbook ([CP25\/25](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-25-application-handbook-regulated-cryptoasset-activities \"CP25\/25: Application of FCA Handbook for Regulated Cryptoasset Activities\") and [CP26\/4](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp26-4-application-handbook-regulated-cryptoasset-activities-II \"CP26\/4: Application of FCA Handbook for regulated cryptoasset activities – part 2\")), conduct of business and high-level standards ([CP25\/40](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-40-regulating-cryptoasset-activities \"CP25\/40: Regulating cryptoasset activities\")) and admissions and disclosures and market abuse ([CP25\/41](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-41-regulating-cryptoassets-admissions-disclosures-market-abuse-regime-cryptoassets \"CP25\/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets\")).\n4. The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer.\n5. Find out more about [existing rules](https:\/\/cryptoassets\/ \"Cryptoassets\") firms must comply with.\n6. All firms will need to be [authorised under the new regime](https:\/\/www.fca.org.uk\/firms\/new-regime-cryptoasset-regulation \"A new regime for cryptoasset regulation\") once the new regime goes live in October 2027. 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.\n7. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to [watch on demand](https:\/\/webinars.fca.org.uk\/new-regime-for-cryptoassets\/join \"New regime for cryptoassets regulation – Authorisations introductory webinar\") and the next one will be on 18 March, focusing on the FCA’s [anti-money laundering rules](https:\/\/webinars.fca.org.uk\/new-regime-for-cryptoassets-2\/26a64909ff8dbf74b0cb\/join \"New regime for cryptoassets regulation – Introduction to anti-money laundering regulations webinar\").\n8. The Prudential Regulation Authority issued a [Dear CEO letter](https:\/\/www.bankofengland.co.uk\/-\/media\/boe\/files\/prudential-regulation\/letter\/2023\/november\/innovations-in-the-use-of-deposits-emoney-and-regulated-stablecoins.pdf \"Innovations in the use by deposit-takers of deposits,  e-money and regulated stablecoins | Bank of England\") on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins.\n9. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more [about the FCA](https:\/\/www.fca.org.uk\/about\/what-we-do\/the-fca \"About the FCA\").\n\nPage updates\n\n26\/02\/2026\n\n:\n\n**Editorial amendment** 'Our' updated to 'the 'FCA's'.\n\n[Print Page](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox\/printable\/print \"Print Page\")\n\n[Linkedin](https:\/\/www.linkedin.com\/sharing\/share-offsite?mini=true&url=https%3A\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox&title=FCA%20selects%204%20firms%20to%20test%20stablecoin%20innovation%20in%20its%20Regulatory%20Sandbox&summary=&source=FCA \"Publish this post to LinkedIn\")\n\n[Twitter](https:\/\/twitter.com\/share?url=https%3A\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox&text=FCA%20selects%204%20firms%20to%20test%20stablecoin%20innovation%20in%20its%20Regulatory%20Sandbox&summary=&source=FCA \"Share this on Twitter\")\n\nShare page\n\n## [Media Centre](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#relatedContentCollapse)\n[Press releases and contacts for journalists and other media](https:\/\/www.fca.org.uk\/news\/media-centre)\n\n[Sign up to receive daily and weekly news and publications email alerts](https:\/\/www.fca.org.uk\/news-and-publications-email-alerts)\n\n## [Related content](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#usefulResourcesCollapse)\n[Regulatory Sandbox: stablecoins cohort](https:\/\/www.fca.org.uk\/firms\/innovation\/regulatory-sandbox\/stablecoins-cohort)\n\n[FCA Crypto Roadmap](https:\/\/www.fca.org.uk\/publication\/documents\/crypto-roadmap.pdf)\n\n[Digital Securities Sandbox (DSS)](https:\/\/www.fca.org.uk\/firms\/innovation\/digital-securities-sandbox)\n\n- [Accessibility](https:\/\/www.fca.org.uk\/accessibility)\n- [Complain about us](https:\/\/www.fca.org.uk\/about\/how-we-operate\/complain-about-regulators)\n- [Copyright notice](https:\/\/www.fca.org.uk\/legal)\n- [Corporate responsibility](https:\/\/www.fca.org.uk\/about\/how-we-operate\/corporate-responsibility)\n- [Cymraeg](https:\/\/www.fca.org.uk\/about\/cymraeg)\n- [Freedom of information](https:\/\/www.fca.org.uk\/freedom-information)\n- [Modern Slavery and Human Trafficking Statement](https:\/\/www.fca.org.uk\/about\/how-we-operate\/corporate-responsibility#section-modern-slavery-and-human-trafficking-statement)\n- [Privacy](https:\/\/www.fca.org.uk\/privacy)\n- [Sitemap](https:\/\/www.fca.org.uk\/sitemap)\n- [Translated languages](https:\/\/www.fca.org.uk\/translated-pages)\n\n## Social\n- [LinkedIn](https:\/\/www.linkedin.com\/company\/financial-conduct-authority)\n- [RSS Feed](https:\/\/www.fca.org.uk\/news\/rss.xml)\n- [Twitter](https:\/\/twitter.com\/thefca)\n\n## Registers and Systems [Registers and Systems](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#footerSystems)\n- [My FCA](https:\/\/www.fca.org.uk\/firms\/my-fca)\n- [Financial Services Register](https:\/\/www.fca.org.uk\/firms\/financial-services-register)\n- [FCA Handbook](https:\/\/www.fca.org.uk\/about\/how-we-regulate\/handbook)\n- [Connect](https:\/\/www.fca.org.uk\/firms\/connect)\n- [RegData](https:\/\/www.fca.org.uk\/firms\/regdata)\n- [Online Invoicing System](https:\/\/www.fca.org.uk\/firms\/fees\/online-invoices)\n\n## Careers [Careers](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#footerCareers)\n- [Careers home](https:\/\/www.fca.org.uk\/careers)\n- [Early careers](https:\/\/www.fca.org.uk\/careers\/early-careers)\n- [Experienced professionals](https:\/\/www.fca.org.uk\/careers\/experienced-professionals)\n\n## Contact [Contact](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox#footerContact)\nFCA Head Office\n\n12 Endeavour Square\n\nLondon E20 1JN\n\n[Contact us](https:\/\/www.fca.org.uk\/contact)\n\n[Plain Numbers Working Together Link is external ![](https:\/\/www.fca.org.uk\/themes\/custom\/fca\/images\/plain-numbers-logo.png)](https:\/\/plainnumbers.org.uk\/thefca)\n\nCopyright © 2026 FCA. All rights reserved.\n\n[Back to top](https:\/\/www.fca.org.uk\/news\/press-releases\/4-firms-selected-test-stablecoin-regulatory-sandbox)\n\nCompany no. 01920623","attrs_readable_markdown":"The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment.\n\nThe stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms:\n\n- Monee Financial Technologies\n- ReStabilise\n- Revolut\n- VVTX\n\nThe Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation.\n\nThe FCA’s testing will primarily focus on stablecoin issuance. The 4 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.\n\nMatthew Long, director of payments and digital assets at the FCA, said:\n\n'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.’\n\nThe testing 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).\n\nTesting begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026.\n\n## Notes to editors\n1. The FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox.\n2. The FCA has previously set out the timeline for crypto regulation in its [crypto roadmap](https:\/\/www.fca.org.uk\/publication\/documents\/crypto-roadmap.pdf \"FCA Crypto Roadmap\").\n3. The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody ([CP25\/14](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-14-stablecoin-issuance-cryptoasset-custody \"CP25\/14: Stablecoin issuance and cryptoasset custody\")), prudential rules ([CP25\/15](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-15-prudential-regime-cryptoasset-firms \"CP25\/15: A prudential regime for cryptoasset firms\") and [CP25\/42](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-42-prudential-regime-cryptoasset-firms \"CP25\/42: A prudential regime for cryptoasset firms\")), the application of the FCA Handbook ([CP25\/25](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-25-application-handbook-regulated-cryptoasset-activities \"CP25\/25: Application of FCA Handbook for Regulated Cryptoasset Activities\") and [CP26\/4](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp26-4-application-handbook-regulated-cryptoasset-activities-II \"CP26\/4: Application of FCA Handbook for regulated cryptoasset activities – part 2\")), conduct of business and high-level standards ([CP25\/40](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-40-regulating-cryptoasset-activities \"CP25\/40: Regulating cryptoasset activities\")) and admissions and disclosures and market abuse ([CP25\/41](https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp25-41-regulating-cryptoassets-admissions-disclosures-market-abuse-regime-cryptoassets \"CP25\/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets\")).\n4. The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer.\n5. Find out more about [existing rules](https:\/\/cryptoassets\/ \"Cryptoassets\") firms must comply with.\n6. All firms will need to be [authorised under the new regime](https:\/\/www.fca.org.uk\/firms\/new-regime-cryptoasset-regulation \"A new regime for cryptoasset regulation\") once the new regime goes live in October 2027. 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.\n7. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to [watch on demand](https:\/\/webinars.fca.org.uk\/new-regime-for-cryptoassets\/join \"New regime for cryptoassets regulation – Authorisations introductory webinar\") and the next one will be on 18 March, focusing on the FCA’s [anti-money laundering rules](https:\/\/webinars.fca.org.uk\/new-regime-for-cryptoassets-2\/26a64909ff8dbf74b0cb\/join \"New regime for cryptoassets regulation – Introduction to anti-money laundering regulations webinar\").\n8. The Prudential Regulation Authority issued a [Dear CEO letter](https:\/\/www.bankofengland.co.uk\/-\/media\/boe\/files\/prudential-regulation\/letter\/2023\/november\/innovations-in-the-use-of-deposits-emoney-and-regulated-stablecoins.pdf \"Innovations in the use by deposit-takers of deposits,  e-money and regulated stablecoins | Bank of England\") on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins.\n9. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more [about the FCA](https:\/\/www.fca.org.uk\/about\/what-we-do\/the-fca \"About the FCA\").\n\n26\/02\/2026 :**Editorial amendment** 'Our' updated to 'the 'FCA's'.","meta_canonical":null}

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URL	https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox
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Meta Description	The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe, environment.
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Boilerpipe Text	The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms: Monee Financial Technologies ReStabilise Revolut VVTX The Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA 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. The 4 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. Matthew Long, director of payments and digital assets at the FCA, said: '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 testing 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). Testing begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026. Notes to editors The FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox. The FCA has previously set out the timeline for crypto regulation in its crypto roadmap . The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody ( CP25/14 ), prudential rules ( CP25/15 and CP25/42 ), the application of the FCA Handbook ( CP25/25 and CP26/4 ), conduct of business and high-level standards ( CP25/40 ) and admissions and disclosures and market abuse ( CP25/41 ). The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer. Find out more about existing rules firms must comply with. All firms will need to be authorised under the new regime once the new regime goes live in October 2027. 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. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to watch on demand and the next one will be on 18 March, focusing on the FCA’s anti-money laundering rules . The Prudential Regulation Authority issued a Dear CEO letter on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA . 26/02/2026 : Editorial amendment 'Our' updated to 'the 'FCA's'.
Markdown	[Skip to main content](https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox#main-content) [Skip to search box](https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox#edit-search-term) [![Home](https://www.fca.org.uk/themes/custom/fca/images/logo.png)](https://www.fca.org.uk/ "Home") Main menu Main navigation - [About us](https://www.fca.org.uk/about) ### Contact us Get in touch by phone, via our online form, or by post: Financial Conduct Authority 12 Endeavour Square London E20 1JN [Contact us](https://www.fca.org.uk/contact) #### What we do - [About the FCA](https://www.fca.org.uk/about/what-we-do/the-fca) - [Enhancing market integrity](https://www.fca.org.uk/about/what-we-do/enhancing-market-integrity) - [Promoting competition](https://www.fca.org.uk/about/what-we-do/promoting-competition) - [Protecting consumers](https://www.fca.org.uk/about/what-we-do/protecting-consumers) #### How we regulate - [Authorisation](https://www.fca.org.uk/authorisation-menu) - [Enforcement](https://www.fca.org.uk/about/how-we-regulate/enforcement) - [Handbook of rules and guidance](https://www.fca.org.uk/about/how-we-regulate/handbook) - [International standards and regulations](https://www.fca.org.uk/about/how-we-regulate/international-standards-regulations) - [Supervision](https://www.fca.org.uk/about/how-we-regulate/supervision) #### How we operate - [Complain about us, the PRA or the Bank of England (the regulators)](https://www.fca.org.uk/about/how-we-operate/complain-about-regulators) - [Corporate responsibility](https://www.fca.org.uk/about/how-we-operate/corporate-responsibility) - [Diversity, equity and inclusion: our progress](https://www.fca.org.uk/about/how-we-operate/diversity-equity-inclusion-progress) - [Environmental sustainability](https://www.fca.org.uk/about/how-we-operate/environmental-sustainability) - [Who we work with](https://www.fca.org.uk/about/how-we-operate/who-work-with) #### Who we are - [Chair](https://www.fca.org.uk/about/who-we-are/chair) - [Chief Executive](https://www.fca.org.uk/about/who-we-are/chief-executive) - [Committees](https://www.fca.org.uk/about/who-we-are/committees) - [Executive committees](https://www.fca.org.uk/about/who-we-are/executive-committees) - [FCA Board](https://www.fca.org.uk/about/who-we-are/fca-board) #### Join us - [Careers home](https://www.fca.org.uk/careers-home) - [Early careers](https://www.fca.org.uk/careers/early-careers) - [Experienced professionals](https://www.fca.org.uk/careers/experienced-professionals) ![Decorative image of skyscrapers with blue filter.](https://www.fca.org.uk/sites/default/files/styles/megamenu_warning/public/media/images/strat-landing-page.png.webp?itok=PQejLkLd) Our strategy 2025 to 2030 Our vision and priorities for the next 5 years. 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[Respond to our consultations](https://www.fca.org.uk/publications/search-results?live_c=1) Close menu 1. [Home](https://www.fca.org.uk/) 2. [News](https://www.fca.org.uk/news) 3. FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox - [Growth](https://www.fca.org.uk/search-results?topic_tags=f.Tag%7CfcaSearchTag%3DGrowth&sort_by=dmetaZ) - [Crypto](https://www.fca.org.uk/search-results?topic_tags=f.Tag%7CfcaSearchTag%3DCrypto&sort_by=dmetaZ) # FCA selects 4 firms to test stablecoin innovation in its Regulatory Sandbox Press Releases First published: 25/02/2026 Last updated: 26/02/2026 [See all updates](https://www.fca.org.uk/news/press-releases/4-firms-selected-test-stablecoin-regulatory-sandbox#revisions) The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms: - Monee Financial Technologies - ReStabilise - Revolut - VVTX The Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA 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. The 4 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. Matthew Long, director of payments and digital assets at the FCA, said: '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 testing 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). Testing begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026. ## Notes to editors 1. The FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox. 2. The FCA has previously set out the timeline for crypto regulation in its [crypto roadmap](https://www.fca.org.uk/publication/documents/crypto-roadmap.pdf "FCA Crypto Roadmap"). 3. The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody ([CP25/14](https://www.fca.org.uk/publications/consultation-papers/cp25-14-stablecoin-issuance-cryptoasset-custody "CP25/14: Stablecoin issuance and cryptoasset custody")), prudential rules ([CP25/15](https://www.fca.org.uk/publications/consultation-papers/cp25-15-prudential-regime-cryptoasset-firms "CP25/15: A prudential regime for cryptoasset firms") and [CP25/42](https://www.fca.org.uk/publications/consultation-papers/cp25-42-prudential-regime-cryptoasset-firms "CP25/42: A prudential regime for cryptoasset firms")), the application of the FCA Handbook ([CP25/25](https://www.fca.org.uk/publications/consultation-papers/cp25-25-application-handbook-regulated-cryptoasset-activities "CP25/25: Application of FCA Handbook for Regulated Cryptoasset Activities") and [CP26/4](https://www.fca.org.uk/publications/consultation-papers/cp26-4-application-handbook-regulated-cryptoasset-activities-II "CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2")), conduct of business and high-level standards ([CP25/40](https://www.fca.org.uk/publications/consultation-papers/cp25-40-regulating-cryptoasset-activities "CP25/40: Regulating cryptoasset activities")) and admissions and disclosures and market abuse ([CP25/41](https://www.fca.org.uk/publications/consultation-papers/cp25-41-regulating-cryptoassets-admissions-disclosures-market-abuse-regime-cryptoassets "CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets")). 4. The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer. 5. Find out more about [existing rules](https://cryptoassets/ "Cryptoassets") firms must comply with. 6. All firms will need to be [authorised under the new regime](https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation "A new regime for cryptoasset regulation") once the new regime goes live in October 2027. 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. 7. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to [watch on demand](https://webinars.fca.org.uk/new-regime-for-cryptoassets/join "New regime for cryptoassets regulation – Authorisations introductory webinar") and the next one will be on 18 March, focusing on the FCA’s [anti-money laundering rules](https://webinars.fca.org.uk/new-regime-for-cryptoassets-2/26a64909ff8dbf74b0cb/join "New regime for cryptoassets regulation – Introduction to anti-money laundering regulations webinar"). 8. The Prudential Regulation Authority issued a [Dear CEO letter](https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/letter/2023/november/innovations-in-the-use-of-deposits-emoney-and-regulated-stablecoins.pdf "Innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins \| Bank of England") on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins. 9. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more [about the FCA](https://www.fca.org.uk/about/what-we-do/the-fca "About the FCA"). Page updates 26/02/2026 : Editorial amendment 'Our' updated to 'the 'FCA's'. 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Readable Markdown	The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. The stablecoins cohort is part of the FCA's commitment to supporting growth and innovation in UK financial services. 20 applications were received and the FCA has chosen the following firms: - Monee Financial Technologies - ReStabilise - Revolut - VVTX The Regulatory Sandbox programme allows firms to trial stablecoin products in real world conditions with appropriate safeguards. It will help the FCA 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. The 4 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. Matthew Long, director of payments and digital assets at the FCA, said: '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 testing 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). Testing begins in Q1 2026 and the findings will help shape the UK’s final stablecoin rules later in 2026. ## Notes to editors 1. The FCA received 20 applications from firms wishing to test stablecoins in its Regulatory Sandbox. 2. The FCA has previously set out the timeline for crypto regulation in its [crypto roadmap](https://www.fca.org.uk/publication/documents/crypto-roadmap.pdf "FCA Crypto Roadmap"). 3. The FCA has consulted on key topics such as stablecoin issuance and cryptoasset custody ([CP25/14](https://www.fca.org.uk/publications/consultation-papers/cp25-14-stablecoin-issuance-cryptoasset-custody "CP25/14: Stablecoin issuance and cryptoasset custody")), prudential rules ([CP25/15](https://www.fca.org.uk/publications/consultation-papers/cp25-15-prudential-regime-cryptoasset-firms "CP25/15: A prudential regime for cryptoasset firms") and [CP25/42](https://www.fca.org.uk/publications/consultation-papers/cp25-42-prudential-regime-cryptoasset-firms "CP25/42: A prudential regime for cryptoasset firms")), the application of the FCA Handbook ([CP25/25](https://www.fca.org.uk/publications/consultation-papers/cp25-25-application-handbook-regulated-cryptoasset-activities "CP25/25: Application of FCA Handbook for Regulated Cryptoasset Activities") and [CP26/4](https://www.fca.org.uk/publications/consultation-papers/cp26-4-application-handbook-regulated-cryptoasset-activities-II "CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2")), conduct of business and high-level standards ([CP25/40](https://www.fca.org.uk/publications/consultation-papers/cp25-40-regulating-cryptoasset-activities "CP25/40: Regulating cryptoasset activities")) and admissions and disclosures and market abuse ([CP25/41](https://www.fca.org.uk/publications/consultation-papers/cp25-41-regulating-cryptoassets-admissions-disclosures-market-abuse-regime-cryptoassets "CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets")). 4. The consultations on the future regulatory regime for cryptoassets are substantively complete, and the FCA will publish its Policy Statements this summer. 5. Find out more about [existing rules](https://cryptoassets/ "Cryptoassets") firms must comply with. 6. All firms will need to be [authorised under the new regime](https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation "A new regime for cryptoasset regulation") once the new regime goes live in October 2027. 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. 7. The FCA is hosting authorisation-focussed webinars to help prospective applicants understand its expectations. The first one is available to [watch on demand](https://webinars.fca.org.uk/new-regime-for-cryptoassets/join "New regime for cryptoassets regulation – Authorisations introductory webinar") and the next one will be on 18 March, focusing on the FCA’s [anti-money laundering rules](https://webinars.fca.org.uk/new-regime-for-cryptoassets-2/26a64909ff8dbf74b0cb/join "New regime for cryptoassets regulation – Introduction to anti-money laundering regulations webinar"). 8. The Prudential Regulation Authority issued a [Dear CEO letter](https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/letter/2023/november/innovations-in-the-use-of-deposits-emoney-and-regulated-stablecoins.pdf "Innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins \| Bank of England") on innovations in the use by deposit-takers of deposits, e-money and regulated stablecoins. 9. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more [about the FCA](https://www.fca.org.uk/about/what-we-do/the-fca "About the FCA"). 26/02/2026 :Editorial amendment 'Our' updated to 'the 'FCA's'.
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