Revolut GBP Stablecoin (RGBP) pre-launch stablecoin tracker
RGBP is Revolut's pre-launch GBP stablecoin proposal targeting 1:1 fiat backing, being tested under the UK FCA Regulatory Sandbox ahead of authorisation.
Phase
Current launch phase
Target launch
Target drift
First target, unchanged
Since announcement
Announced Feb 2026
Live surfaces
Activates at launchPrice & peg · Supply & flows · Liquidity · Safety Score · DEWSRevolut Pre-Launch Sterling Stablecoin
Revolut's pre-launch UK GBP stablecoin remains sandbox-only, and the Bank of England rules once called structurally unviable have been substantially softened. Revolut got its full UK banking licence in March 2026 after a 20-month mobilisation. It then confirmed its proposed GBP stablecoin would not be issued from the new banking entity, since BoE rules constrain issuing stablecoins across affiliated subsidiaries; issuance falls back to Revolut Ltd, the e-money arm. The regulatory weather has since turned: the BoE's June 2026 final policy statement scrapped the proposed £20,000 individual holding cap in favour of a temporary per-coin issuance ceiling of roughly £40bn, and lifted the share of reserves allowed in yield-bearing short-dated UK T-bills from 60% to 70%. This change retreated from exactly the provisions legal analysts had called commercially fatal. What survives is still austere: the remaining 30% sits unremunerated at the Bank, holders receive no yield, par within 24 hours is mandatory, and the timeline runs through rules finalised by end-2026, regulated sterling coins from 2027, and full UK authorisation only in October 2027. The priority use case, per Revolut's House of Lords testimony, remains the UK→India remittance corridor, the world's seventh-largest, rather than retail payments. Revolut's real asset is its millions of UK users who already open the app daily, with bank-style and redemption bolted on top. The BoE no longer says the product cannot work; until its rules are final at end-2026, the sandbox is the only place the product exists.
Sources
· AI summary · drafted by claude-fable-5-1 · facts as of 2026-09-07
AI policyLaunch path
Announced phase, targeting 2027 on its first target; 10 milestones logged since Feb 2026.
Launch status narrative
Selected as one of four firms for FCA Regulatory Sandbox stablecoin cohort (Feb 25); testing began Q1 2026; full UK banking licence granted Mar 11, but GBP stablecoin would be issued from Revolut Ltd (e-money entity), not Revolut Bank UK, per BoE proposed rule on subsidiary issuance; Head of UK Policy Rory Tanner outlined proposition to House of Lords (Mar 25), flagging UK→India remittance corridor as priority use case; ticker not publicly confirmed; the Bank of England softened its stance in May 2026, dropping the £20k individual holding cap in favour of aggregate issuer caps (revised draft rules due June 2026) and signalling banks may issue branded coins via ring-fenced subsidiaries, though the 40% unremunerated-reserve requirement remains under review. On June 2 2026 the House of Lords Financial Services Regulation Committee urged the BoE to scrap individual holding limits entirely and reconsider that 40% floor. On June 22 2026 the BoE published its final policy statement and draft rules: individual holding limits are scrapped in favour of a temporary per-coin issuance cap (initially ~£40bn / $50bn), the short-dated-UK-T-bill reserve share rises to 70% with the remainder held at the BoE and no yield paid to holders, and par redemption within 24 hours is required; a Code of Practice consultation runs to September 22 2026, with rules finalised by end-2026 and regulated sterling stablecoins operating from 2027. On August 26 2026 Revolut shipped the first token of its stablecoin programme: the euro-denominated EURR, on Ethereum, issued by Bridge Building S.A. (Stripe's Bridge) under MiCA rather than by a Revolut entity. That establishes Revolut's working issuance template as a third-party regulated issuer relationship, though it carries no direct read-through to sterling: EURR could ship because MiCA is in force, whereas RGBP remains blocked on a UK regime whose Code of Practice consultation runs to September 22 2026 and whose rules are not finalised until end-2026. The June 30 2026 BoE/FCA joint approach sets the FCA regime start at October 25 2027, with systemic issuers transferring to BoE prudential oversight on HM Treasury recognition.
Activity
- Regulatory
UK Treasury plans a secondary Bank of England objective to support stablecoin innovation
The Treasury plans an amendment to the Financial Services and Markets Bill adding a Bank of England secondary statutory objective to support innovation in stablecoins and other digital money, with annual reporting to Parliament, while keeping financial stability primary. The Code of Practice consultation closed September 22 with finalisation still targeted by end-2026 and the FCA regime effective October 25 2027; no Revolut GBP token was announced.
Source - Milestone
Revolut ships its first stablecoin in euro (EURR), with no sterling equivalent announced
Revolut launches EURR on Ethereum under MiCA, issued by Bridge Building S.A. rather than a Revolut entity, phased to Denmark, Poland, and Portugal. The launch demonstrates Revolut's issuance model is a third-party regulated-issuer relationship, but no GBP token was announced. RGBP remains gated on the UK regime, whose Code of Practice consultation runs to September 22 2026 with rules finalised by end-2026.
Source - Regulatory
Bank of England and FCA publish joint approach to regulating systemic stablecoin issuers
The FCA will regulate qualifying stablecoins issued from UK establishments from October 25 2027. The Bank of England takes prudential oversight once HM Treasury recognises an issuer as systemic, using Banking Act section 191 powers of direction for case-by-case transition. The Code of Practice is to be finalised by end-2026.
Source - Regulatory
Bank of England publishes final policy statement and draft rules on systemic stablecoins
The BoE scrapped individual holding limits in favour of a temporary per-coin issuance cap (initially ~£40bn / $50bn), raised the maximum short-dated-UK-T-bill reserve share from 60% to 70% (remainder held at the BoE, no yield to holders), and required par redemption within 24 hours. A Code of Practice consultation runs to September 22 2026, with rules finalised by end-2026 and regulated sterling stablecoins operating from 2027.
Source - Regulatory
House of Lords committee urges BoE to drop individual holding limits and reconsider 40% reserve floor
The Financial Services Regulation Committee called on the Bank of England to scrap per-person stablecoin holding limits entirely and reconsider the 40% unremunerated-reserve requirement, warning it would harm issuer viability.
Source
Earlier activity (5)
- Regulatory
Bank of England drops £20k individual holding cap for aggregate issuer caps
At CityWeek 2026 the BoE confirms it is abandoning the proposed £20,000 per-person holding limit in favour of aggregate issuance caps; revised draft rules expected June 2026.
Source - Regulatory
Bank of England signals stablecoin proposals were 'excessively conservative'
Deputy Governor Breeden indicates the BoE is ready to soften its proposed stablecoin rules following industry pushback, ahead of revised draft rules, easing the 'branded stablecoin' ban and holding-cap risks flagged for GBP issuers like Revolut.
Source - Milestone
Revolut UK Head of Policy testifies to House of Lords on GBP stablecoin strategy
Rory Tanner tells peers the UK is 'already behind' the US and EU; outlines UK→India remittance corridor (seventh-largest globally) as priority B2B use case; flags Bank of England's proposed 'branded stablecoin' ban as a commercial blocker.
Source - Regulatory
Revolut granted full UK banking licence by PRA
PRA and FCA lift mobilisation restrictions after a 20-month phase; banking services move to Revolut Bank UK Ltd, but any GBP stablecoin would be issued from Revolut Ltd (the e-money entity) per BoE's proposed rule prohibiting the same group from issuing stablecoins across affiliated subsidiaries.
Source - Regulatory
FCA selects Revolut for UK Regulatory Sandbox stablecoin cohort
Revolut chosen alongside Monee Financial Technologies, ReStabilise, and VVTX from a pool of 20 applicants to test stablecoin issuance under proposed UK rules; testing began Q1 2026.
Source
Featured coverage
Revolut among firms picked by UK FCA to test stablecoin sandbox
FCA selects Revolut, Monee, ReStabilise and VVTX from 20 applicants for a regulatory sandbox cohort testing GBP-denominated stablecoin products.
Revolut UK Legal Head calls for GBP stablecoin
Rory Tanner tells House of Lords the UK is 'already behind' the US and EU on GBP stablecoins; highlights UK→India remittance corridor (seventh-largest globally) as priority B2B use case.
Bank of England backs down on strict stablecoin holding limits, sets $50 billion issuance cap
The BoE's final rules drop individual holding caps for a temporary ~£40bn per-coin issuance limit and raise the interest-bearing reserve share to 70%, clearing key blockers flagged by GBP issuers like Revolut.