Revolut to test stablecoin in UK trial

Group 1 - Revolut will begin testing a crypto token pegged to the British pound as part of the Financial Conduct Authority's "sandbox" programme, involving three small companies [1][2] - The trial aims to explore use cases such as payments, wholesale settlement, and crypto trading [2][3] - Revolut is currently the most valuable financial technology business in Europe and is awaiting a full UK banking license after receiving a restricted one in 2024 [3] Group 2 - The Bank of England has expressed skepticism towards stablecoins, preferring banks to focus on "tokenised" deposits instead [2] - Stablecoin volumes have surged globally, with Tether leading the market with over $180 billion in circulation [4] - European stablecoins, including those pegged to the euro, British pound, and Swiss franc, represent less than 0.2% of the global market [4]