Revolut will commence trials of a cryptocurrency token pegged to the British pound as part of the Financial Conduct Authority’s (FCA) “sandbox” program. The trial will involve three smaller companies but will exclude participation from major high-street lenders, the FCA announced on Wednesday. The “sandbox” program enables companies to test stablecoin products within a controlled environment. Revolut is a London-based financial technology firm that has experienced rapid growth, becoming one of Europe’s most valuable fintech businesses. The company received a UK banking license with restrictions in 2024 and is awaiting a full license.

Larger financial firms in Britain have generally adopted a more cautious approach to…