Four firms have been selected to test stablecoin products and help shape future regulation.
In November 2025, we launched a special cohort in our Regulatory Sandbox for firms issuing stablecoins.
The Stablecoins Cohort is part of our commitment to supporting growth and innovation in UK financial services. Firms could apply to take part between 26 November 2025 and 18 January 2026.
The window for applications has now closed.
We received 20 applications to test stablecoin products and services.
We’ve chosen 4 companies to test how their stablecoin services work with proposed regulation in a safe environment. This will help inform our future regime. The companies are:
- Monee Financial Technologies
- ReStabilise
- Revolut
- VVTX
Stablecoin cohort firms
The 4 selected firms’ proposals represent a range of stablecoin use cases, including payments, wholesale settlement and crypto trading.
Each firm intends to issue UK stablecoins under the future regulatory regime.
Testing within the Regulatory Sandbox will begin in Q1 2026.
Firms are conducting tests in line with existing permissions and registrations they currently have.
Find out more about each firm and their propositions below.
Background: why we're focusing on stablecoins
Stablecoins are increasingly important in cryptoasset markets and could drive new ideas in financial services, with potential uses for both retail and wholesale customers.
Recent consultations (CP25/14 and CP25/25) have set out proposed rules and guidance, giving issuers a clearer view of future regulations.
What firms get from the Sandbox
- Test your product: Try out stablecoin solutions in a controlled environment – either with consumers live in the market, or using firm data.
- Influence policy: Insights could help shape our future rules.
- Visibility: Successful applicants are listed publicly on our website (though acceptance isn’t an endorsement).
What happens next
The length of any test will be based on multiple factors including:
- The firm's readiness.
- Whether it is testing with live customers.
- The firm's individual use case, business model and capabilities.
Testing in the sandbox complements the Digital Securities Sandbox (DSS) and we’re working with the Bank of England on stablecoins being used as a settlement asset within the DSS.
