UK FCA tests stablecoins; Payoneer bank charter; Binance dispute
The United Kingdom’s Financial Conduct Authority (FCA) has named Monee, ReStabilise, Revolut and VVTX to trial stablecoin issuance and payments within its Regulatory Sandbox starting in the first quarter of 2026. Separately, Payoneer applied for a U.S. national trust bank charter that would enable a USD‑pegged stablecoin and related services, while Binance indicated potential legal action over media reports concerning alleged sanctions violations linked to Iran.
Revolut among four firms selected to pilot stablecoins in the UK
In a Wednesday announcement, the FCA said it chose Monee Financial Technologies, ReStabilise, Revolut and VVTX from 20 applicants to participate in a dedicated stablecoin cohort within its long‑running Regulatory Sandbox. The program will test stablecoin issuance under proposed UK rules in a controlled environment.
The regulator said the pilots will cover multiple use cases, including payments, wholesale settlement and crypto trading, with results intended to inform the UK’s final stablecoin framework. The FCA added that the primary focus of the cohort is stablecoin issuance.
Matthew Long, the FCA’s director of payments and digital assets, said the authority aims to support UK stablecoin issuers so they can be relied upon for payments, settlement and trading, contributing to consumer protection, efficient financial transactions, the FCA’s broader strategy and the Government’s National Payments Vision.
First four companies selected for FCA’s regulatory sandbox. Source: FCA
Payoneer files for U.S. bank charter to support stablecoin plans
Payoneer said Tuesday it applied to the Office of the Comptroller of the Currency to establish PAYO Digital Bank, a national trust bank that, if approved, would allow it to issue the PAYO‑USD stablecoin.
OCC approval would also permit Payoneer to manage PAYO‑USD reserves, provide custodial services and enable customers to convert between the stablecoin and local currencies. “We believe stablecoins will play a meaningful role in the future of global trade,” CEO John Caplan said.
The filing follows Payoneer’s partnership last week with stablecoin infrastructure firm Bridge to add stablecoin capabilities.
Source: Payoneer
Other crypto and fintech firms, including Coinbase, World Liberty Financial and Laser Digital, have also applied for charters amid signals from the OCC that it is open to fintech entrants. Crypto.com received conditional approval for a charter on Monday.
Binance CEO signals potential legal action over Iran sanctions report
Binance CEO Richard Teng on Tuesday criticized what he described as “inaccurate reporting” by the Wall Street Journal regarding findings by Binance investigators of $1.7 billion in digital assets allegedly transferred to Iranian entities.
In a post on X, Teng said the Monday article contained “defamatory claims,” adding that Binance’s legal team sent a letter “demanding immediate corrections and a full retraction of these false statements.”
Later Tuesday, multiple media outlets reported that U.S. Senator Richard Blumenthal opened an inquiry into potential sanctions violations. In a letter to Teng, the Rhode Island Democrat requested records related to the company’s interactions with two Hong Kong entities identified by Binance investigators as the sources of transfers to Iran.
This report is produced under an editorial policy focused on accuracy and timeliness. Readers are encouraged to independently verify key details.
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