Revolut Chosen by FCA for Sterling-Pegged Stablecoin Regulatory Sandbox

Revolut, Europe's most valuable private fintech, has been selected by the UK's Financial Conduct Authority (FCA) to test a sterling-pegged stablecoin in its regulatory sandbox. The move is significant as it puts Revolut ahead of other UK fintechs in the queue to issue a regulated sterling token once the rulebook is finalized.

The FCA chose four firms from twenty applicants, and Revolut's selection indicates that the company believes the next decade of payments revenue will come from controlling the settlement layer. The stablecoin will be pegged one-to-one with sterling and backed by pound reserve assets, allowing customers to buy, hold, sell, and move it inside the Revolut app before sending it out across public crypto networks.

Revolut has already secured a full UK banking license in March 2026, holds an EU banking license, and has filed for a US bank charter. The company's revenue grew to $6 billion in the year ending December 2025, with profits climbing to $1.7 billion and a customer base reaching 68.3 million.