Revolut

Revolut was named to the FCA's stablecoin regulatory sandbox in June 2026, becoming one of the first fintechs to test regulated stablecoin issuance under the UK's emerging digital-assets framework. The move is significant for Revolut because stablecoin payments infrastructure could reduce its reliance on traditional card networks for cross-border transfers, one of its highest-cost product lines. The FCA sandbox selection also signals regulatory progress at a moment when Revolut's UK banking licence application has been active since 2021.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has grown to roughly 50 million customers globally and carries a valuation of approximately $45bn, making it Britain's most-valued private technology company. The company offers banking, foreign exchange, trading, and Cryptocurrency services but operates in the UK on an e-money licence rather than a full banking licence, limiting its ability to offer overdrafts, loans, and deposit protection. Its long-running UK banking licence application with the PRA and FCA remains one of the most closely watched decisions in British fintech.

The stablecoin sandbox selection adds a new dimension to Revolut's regulatory relationship with the FCA. A positive sandbox outcome could position Revolut as the first major UK consumer fintech to issue a regulated stablecoin, potentially ahead of banks that have been slower to engage with the digital-assets framework. It also puts pressure on its banking licence application, as the FCA is simultaneously reviewing Revolut's fitness for full authorisation.