The Financial Conduct Authority has chosen 4 companies to test how their crypto 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 Monee Financial Technologies, ReStabilise, Revolut and 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.