The Financial Conduct Authority, Britain’s primary financial services regulator, has selected four companies to participate in a controlled testing program for stablecoin services under proposed rules, according to a Wednesday announcement.

Monee Financial Technologies, ReStabilise, Revolut, and VVTX have been chosen from 20 applicants to trial products spanning payments, wholesale settlements, and digital asset trading in live market conditions.

“We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading,” said Matthew Long, the FCA’s director of payments and digital assets.

The sandbox initiative allows participants to operate with regulatory safeguards while providing feedback that will inform final policy decisions. Testing begins in the first quarter of 2026.

Findings from the program will help determine the UK’s definitive stablecoin framework later this year. The broader crypto authorization gateway opens in September, with full regulatory requirements taking effect in October 2027.

The regulator has conducted multiple consultations covering token issuance, custody requirements, prudential standards, and market abuse prevention. Policy statements summarizing those efforts are expected this summer.