Summary
- The U.S. and UK Treasuries have released 10 joint recommendations aimed at harmonizing their regulations on stablecoins, tokenized assets, and capital markets, with five specifically addressing digital assets.
- Originating from a taskforce established during President Trump's 2025 visit to the UK, these recommendations do not create binding regulations but provide a shared framework, including a private-sector initiative to explore cross-border tokenization and a supportive statement on stablecoins.
- Coinbase has expressed support for these recommendations, labeling them a "critical moment for transatlantic cooperation."
The U.S. and UK have outlined a cooperative strategy to regulate stablecoins, tokenized assets, and digital currencies, marking a significant step by two leading financial hubs to facilitate blockchain finance across the Atlantic.
The 10 recommendations, unveiled on Tuesday by HM Treasury and the U.S. Treasury, stem from the Transatlantic Taskforce for Markets of the Future, which was initiated by Chancellor Rachel Reeves and Treasury Secretary Scott Bessent during President Trump's visit to the UK in September 2025.
NEW: UK and US collaborate on digital assets, capital markets, and release joint statement on stablecoins. More details: https://t.co/RuzFKIxh6e
— British Embassy Washington (@UKinUSA) July 15, 2026
Five of the recommendations pertain to digital assets while the remainder focus on traditional capital markets. However, none of these are obligatory regulations, allowing each country to pursue its regulatory framework within a unified direction.
Focus on Stablecoins and Tokenization
For the digital assets sector, the taskforce urges regulators, including the Bank of England, the FCA, the SEC, and the CFTC, to establish consistent approaches for tokenized assets, particularly regarding the settlement of tokenized securities and the use of stablecoins and tokenized money market funds as collateral in clearinghouses. It advocates for a private sector-led group to test cross-border tokenization applications over the next year and envisions a "multi-money ecosystem" where stablecoins, tokenized bank deposits, and other forms of digital currency can coexist.
In addition to these recommendations, both governments are formulating a joint statement on stablecoins, endorsing a vibrant cross-border market and asserting that payment stablecoins should be fully backed, at a minimum, on a one-to-one basis by high-quality liquid assets. These principles align with the U.S. GENIUS Act, the federal stablecoin legislation enacted last year. One of the recommendations calls for both nations to advocate for a technology-neutral assessment of how the Basel Committee addresses banks' crypto-related exposures.
This alignment initiative coincides with both countries developing their respective regulatory frameworks. The U.S. is in the process of implementing the GENIUS Act, which is set to take effect in 2027, while the UK's cryptoasset regulations are expected to launch in October 2027. Both countries aim to keep pace with the European Union, whose MiCA regulations have been fully operational since the end of 2024 and are scheduled for revision in 2027 to include foreign stablecoin issuers. The recommendations do not establish mutual recognition, meaning a stablecoin licensed in one jurisdiction must still comply with the regulations of the other to operate there.
Reactions from the Industry
For the UK, these recommendations further the goal of “reducing frictions” between the two nations, as stated by Economic Secretary to the Treasury Lucy Rigby in May, who noted that this might involve some forms of recognition or alignment.
Rigby previously indicated that digital assets hold the potential for a "complete transformation" of the UK markets, as the government continues to develop stablecoin regulations, an FCA-managed stablecoin sandbox, and a consultation on a unified framework for both traditional and tokenized payment systems.