Revolut has been selected by the UK’s Financial Conduct Authority (FCA) to test stablecoin services inside a regulatory sandbox. The trial, which starts this quarter, will focus mainly on issuing stablecoins and helping regulators assess how new rules could work in real market conditions.
For Revolut, this is less about short-term revenue and more about long-term positioning. The company was last valued at $75 billion and is reportedly aiming for a fresh secondary share sale that could lift its valuation to around $100 billion. A public listing at an even higher valuation is seen as a future goal.
Why does the sandbox matter?
The FCA sandbox allows selected firms to test financial products under regulatory supervision.
In this case, the focus is on stablecoins, which are digital tokens designed to maintain a stable value, often pegged to a currency such as the British pound or the U.S. dollar.
Revolut is expected to begin testing a pound-pegged crypto token during the trial. By taking part, the company is helping shape how stablecoins will be regulated in the UK.
Revolut’s next step
Revolut’s next step is reportedly a new secondary share sale that could value the firm at $100 billion, says the report. That would follow a series of transactions that increased its valuation from $45 billion in 2024 to $75 billion last year.
The longer-term ambition is a public listing that could support a valuation of $150 billion or more. To justify such numbers, the company needs a strong growth story and regulatory credibility.
Participation in the FCA sandbox supports that narrative. If Revolut successfully tests and launches a stablecoin product under UK supervision, it could position itself as an early mover in regulated digital payments.
However, Revolut is not alone in the sandbox. Other firms, including Monee Financial Technologies, ReStabilise and VVTX, are also testing stablecoin services.
Beyond competition, regulatory uncertainty remains. Stablecoin rules are still evolving, and global standards differ by jurisdiction.
For now, the sandbox trial is a test. If successful, it strengthens Revolut’s case as a regulated digital finance leader. If market stress deepens or regulations tighten, the path to a higher valuation could become more complex.
