UPDATE đ„đ„
The UK is picking winners for its digital dollar future while Coinbase CEO cries foul
Coinciding with the FCAâs announcement of its stablecoin trial, Coinbaseâs Brian Armstrong criticized the U.K.âs regulatory process, saying it puts the region's global crypto leadership at risk.
WHAT TO KNOW:
The U.K. Financial Conduct Authority has selected Revolut, Monee Financial Technologies, ReStabilise and VVTX to test stablecoin issuance in its Regulatory Sandbox starting in early 2026.
The sandbox trials will examine stablecoin use in payments, wholesale settlement and crypto trading, with results feeding into final U.K. stablecoin rules expected later in 2026.
Industry figures, including Coinbase CEO Brian Armstrong, warn that proposed Bank of England caps on stablecoin holdings and a slow regulatory timeline could undermine the U.K.'s ambition to be a global digital asset hub.
The U.K.âs Financial Conduct Authority (FCA) picked Revolut, Monee Financial Technologies, ReStabilise, and VVTX to test stablecoin issuance in its Regulatory Sandbox as regulators move toward a full rulebook.
The FCA said the cohort will trial stablecoin products in real-world conditions, with safeguards in place. The regulator plans to focus on issuance and review use cases that include payments, wholesale settlement and crypto trading. Testing begins in the first quarter of 2026, and the FCA said the results will feed into final stablecoin rules later in 2026.
We are supporting U.K. stablecoin issuers to ensure they can be trusted for payments, settlement and trading,â said Matthew Long, director of payments and digital assets at the FCA. âIt will benefit consumers and financial transactions and help to deliver the FCA's strategy and the Government's National Payments Vision.