Outlines recommendations for the US and UK to harmonize stablecoin and tokenization rules

The United States and the United Kingdom have developed a joint roadmap to harmonize how they are regulated stablecoins, Premium assetsdigital money, a coordinated push by two of the world’s largest financial centers to allow blockchain-based finance to move more easily across the Atlantic.

The ten recommendations, Published Tuesday By the UK Treasury and the US Treasury, it comes from the Transatlantic Future Markets Task Force, established by Chancellor Rachel Reeves and Treasury Secretary Scott Besent during President Trump’s state visit to the UK in September 2025.

Five of them cover digital assets, and the rest address traditional capital markets, although there are no binding rules, leaving each country to complete its own regulatory processes under a common direction.

Stablecoins and tokens

On the digital assets side, a task force from regulators, the Bank of England, the Financial Conduct Authority (FCA), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), wants to find common approaches to tokenized assets, including how tokenized securities reach final settlement and whether tokenized stablecoins and money market funds can serve as collateral in clearinghouses. The report calls for a private sector-led group to spend a year testing cross-border tokenization use cases, and for a “multi-money ecosystem” in which stablecoins, tokenized bank deposits and other digital money coexist.

Along with the recommendations, the two governments are developing a joint statement on stablecoins, supporting a dynamic cross-border market, and saying that payment stablecoins should be fully backed at least on an individual basis by high-quality liquid assets. These principles echo the United States The law of geniusThe federal stablecoin law was signed into law last year. The fifth recommendation asks both sides to push for a technology-neutral review of how the Basel Committee handles banks’ exposures to cryptocurrencies.

Harmonization efforts begin as both countries build their own systems. The United States is implementing the GENIUS Act before its effective date of 2027, while the United Kingdom is implementing it Crypto assets system It is scheduled to enter into force in October 2027. Both are moving to catch up with the European Union, which Mecha rules It has been fully in force since the end of 2024 and is scheduled to be so It was modified in 2027. The recommendations stop short of mutual recognition, as a stablecoin licensed in one country would still have to clear the other country’s rules to operate there.

Industry reaction

Cryptocurrency companies welcomed this trend. Katie Harries, Coinbase’s head of policy for Europe, called the recommendations a “defining moment for transatlantic cooperation,” and highlighted the opportunity for the two financial centers to “reimagine global capital markets through tokenization.”

For the UK, the recommendations are based on the ambition to “reduce frictions” between the two countries shown In the words of Economic Treasurer Lucy Rigby in May, when she suggested it “may take the form of some form of recognition or harmonisation”.

At the time, Rigby said digital assets held the potential to “completely transform” the country’s markets, with the government moving forward Stablecoin rulesthat Stablecoin Protection Fund managed by the Financial Conduct Authority (FCA).and A Consultation on a single framework For traditional and token payments.