If you're a prospective UK stablecoin issuer looking to test your ideas, apply to our Regulatory Sandbox to test your product, get support, and help shape future regulation.
We've launched a special cohort within our Regulatory Sandbox for firms issuing stablecoins. This is a unique chance for innovative companies to test their stablecoin products and services under the UK's evolving regulatory regime.
This cohort is part of our commitment to supporting growth and innovation in UK financial services. It complements broader innovation initiatives such as the Digital Securities Sandbox[1].
Why we're focusing on stablecoins
Stablecoins are increasingly important in cryptoasset markets and could drive new ideas in financial services, with potential uses for both retail and wholesale customers.
Recent consultations (CP25/14[2] and CP25/25[3]) have set out proposed rules and guidance, giving issuers a clearer view of future regulations.
Who should apply
- Firms planning to issue a stablecoin in the UK under the upcoming regime.
- Companies ready to test their stablecoin and help shape our policy.
What you'll get from the Sandbox
- Test your product: Try out your stablecoin solutions in a controlled environment – either with consumers live in the market, or using firm data.
- Influence policy: Your insights could help shape our future rules.
- Support and feedback: Get guidance from our Innovation Case Officers and feedback on your application.
- Visibility: Successful applicants will be listed publicly on our website (though acceptance isn’t an endorsement).
Key dates
- Applications open: Wednesday 26 November 2025
- Deadline: Sunday 18 January 2026 (11.59pm)
How to apply
-
1
Complete the application form
Use our Regulatory Sandbox application form and specify 'Stablecoins Cohort' in Section 5.1. You can download this form to review all the questions before applying.
What makes a good application
- Clear readiness to begin testing.
- Appropriate permissions and resources.
- Well-aligned test plan.
- As detailed as possible.
-
2
Prepare a test plan
Align your plan with the stablecoin issuance consultation paper (CP25/14), taking into account policy proposals around redemption, managing backing assets, and offering the stablecoin. We'll work collaboratively with you on this.
-
3
Check permissions
If you want to test with live customers, you'll need to be registered with us for anti-money laundering purposes. If you plan to offer fiat payment services, you'll need permissions under the Payments Services Regulations.
We also accept applications where firms are looking to test with other groups or with firm data.
What happens next
- Assessment: An Innovation Case Officer reviews your application and may request more information.
- Decision: You'll be notified if you're accepted. There's no formal appeals process, but feedback is provided if you're not successful.
