Points of Focus

• The US and UK agreed to coordinate stablecoin rules and cross-border tokenized asset standards.
• The roadmap backs 1:1 stablecoin reserves, segregated assets, and stronger holder protections.
• Regulators will explore cross-border tokenization and stablecoins as collateral in financial markets.

The US Treasury and HM Treasury released a 10-point roadmap on July 14 outlining closer cooperation on digital assets and capital markets through the Transatlantic Taskforce for Markets of the Future. While it introduces no new laws, it commits US and UK regulators to coordinate on stablecoin reserve standards, cross-border market access, insolvency protections, derivatives oversight, and tokenized finance.

US Treasury Secretary Scott Bessent described the recommendations as “The Transatlantic Taskforce for Markets of the Future reflects the strength and depth of U.S. and UK markets and our shared commitment to fostering economic growth and advancing global standards that reward innovation and competition.” The document arrives ahead of the CLARITY Act’s July 17 House hearing as the White House accelerates its broader digital asset policy agenda.

Stablecoins: 1:1 reserves, segregated assets, and a mutual access pathway

The stablecoin section is the roadmap’s most detailed proposal. Both governments agreed that payment stablecoins should be backed one-to-one by high-quality liquid assets, with reserves segregated from issuer funds and protected for tokenholders.

They also pledged to avoid excessive ring-fencing requirements that could force issuers to hold duplicate reserves across jurisdictions. The roadmap supports creating legal frameworks that give stablecoin holders priority claims on reserves if an issuer becomes insolvent, a key step for institutional adoption.

The U.S. and UK have announced a deal to support cross-border tokenised assets and stablecoins

The agreement aims to:

– Strengthen cooperation between regulators
– Promote interoperability between financial systems
– Develop common standards for tokenised securities and… pic.twitter.com/EcnaYLYI1S

— That Martini Guy ₿ (@MartiniGuyYT) July 14, 2026

The framework explicitly endorses a pathway for stablecoins authorized in one jurisdiction to access the market of the other, subject to each country’s domestic laws and supervisory approval. No automatic mutual recognition is granted. However, it signals that a GENIUS Act-compliant issuer in the US and a Financial Conduct Authority (FCA)-authorized issuer in the UK can expect a defined route into each other’s markets rather than a blank-page regulatory process.

Tokenization: Industry-led working group and SEC-FCA coordination

On tokenized assets, the roadmap calls for a private-sector-led working group to test cross-border use cases for tokenized assets between US and UK participants. The group would operate alongside formal regulatory coordination between US financial agencies and the Bank of England on shared approaches to the regulation of tokenized securities.

The US Securities and Exchange Commission and the FCA will separately explore ways to make cross-border capital raising easier, building on an existing memorandum of understanding between the two regulators.

Regulators will also review whether stablecoins or tokenized money market funds could be used as collateral in financial markets, a question that directly affects products such as BlackRock’s BUIDL, Fidelity International’s FILQ, and Franklin Templeton’s FOBXX, all of which are already in institutional use.

Total tokenized real-world assets (RWAs) onchain crossed $33 billion, excluding stablecoins, in June 2026. BlackRock’s BUIDL alone holds $2.87 billion across nine blockchain networks.

The working group’s mandate to test cross-border use cases gives institutional participants a government-endorsed sandbox to operationalize what those numbers represent in settlement, collateral, and payment flows.

The domestic frameworks the joint roadmap builds on

The roadmap builds on recent stablecoin reforms in both countries. In the US, the GENIUS Act established a federal framework for payment stablecoins. In the UK, the FCA finalized rules for authorized issuers, while the Bank of England is developing a regime for systemic stablecoins. 

The joint statement also eases concerns over regulatory fragmentation by committing both governments to avoid burdensome reserve ring-fencing, addressing industry criticism that conflicting rules could undermine competitiveness and cross-border adoption.

What the framework does not do and what comes next

The roadmap does not create automatic recognition of stablecoin licenses, immediate rule changes, or approved products. Instead, it establishes a framework for closer regulatory coordination that will take time to implement.

The effort targets a market already dominated by USDC (USDC) and Tether’s USDt (USDT), which together account for about 84% of global stablecoin market capitalization, while adjusted stablecoin transaction volume reached a record $1.79 trillion in June 2026, surpassing Visa’s monthly settlement volume.

Both governments have concluded that digital money of this scale operating across their shared financial system requires coordinated oversight rather than parallel but divergent domestic frameworks that create arbitrage opportunities and compliance costs without adding protective value. The July 14 roadmap is the first formal document from both treasuries that says so explicitly.