The United States and the United Kingdom have released a joint roadmap intended to make it easier for regulated stablecoins and tokenized assets to operate across their financial markets.
Published on July 14, 2026, the plan calls for one-to-one stablecoin reserves, stronger legal protection for holders, private-sector testing of tokenized finance, and closer coordination between regulators in both countries.
The recommendations come from the Transatlantic Taskforce for the Markets of the Future, which was established in September 2025 by U.S. Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves.
The roadmap sets policy goals rather than immediately creating new laws or granting stablecoin issuers automatic access to both markets.
US and UK Support Cross-Border Stablecoin Use
The U.S. Department of the Treasury and HM Treasury said well-regulated stablecoins could improve payments, settlement, and cross-border financial transactions. This reflects the growing use of blockchain-based assets to address the delays and costs explained in our guide to how stablecoins make cross-border payments faster.
Both countries plan to explore a pathway that could allow stablecoins issued in one jurisdiction to enter the other. Any market access would remain subject to the domestic laws, regulations, and approval processes of each country.
The governments also support a financial system in which stablecoins, tokenized bank deposits, and other forms of digital money can coexist. Our comparison of stablecoins and Bitcoin adoption explains how the two assets serve different purposes within the wider crypto economy.
Stablecoins Should Have One-to-One Backing
The joint statement says stablecoins presented as money should be backed on at least a one-to-one basis by high-quality, liquid assets.
Each country will determine which reserve assets qualify under its own regulatory framework. The two governments want their rules to reach comparable outcomes when stablecoin activities create comparable risks.
The roadmap does not support reserve rules that are unnecessarily expensive or disproportionate to those risks.
Officials warned that excessive requirements could discourage competition, create barriers for new issuers, and make cross-border stablecoin arrangements less efficient.
Roadmap Calls for Stronger Holder Protections
Notably, reserve custody and holder protection are central parts of the proposal.
The US and the UK said regulated issuers should segregate stablecoin reserves from their own operating funds. Those reserves should be safeguarded for token holders rather than treated as ordinary company assets.
Issuers should also disclose the legal rights provided to holders and remain able to process redemptions in a timely manner.
The governments intend to develop frameworks that provide holders with a clear and protected legal claim on reserves if an issuer enters insolvency, bankruptcy, restructuring, or resolution proceedings.
That claim could receive priority over other creditors where permitted by the laws of the relevant jurisdiction.
The statement also calls for international coordination when a failed issuer has customers, reserves, or operations in both countries.
Regulators Will Examine Tokenized Assets
The roadmap also directs attention toward securities and other tokenized financial instruments.
The Bank of England, Commodity Futures Trading Commission (CFTC), Financial Conduct Authority (FCA), and Securities and Exchange Commission (SEC) will seek to identify common approaches to the regulatory treatment of tokenized assets.
The review could cover the legal finality of tokenized securities settlements. It could also examine whether stablecoins and tokenized money-market funds may be used as margin collateral at central counterparties.
The agencies may use flexible regulatory tools to provide clarity as tokenized markets continue to develop.
Markets Media reported that the two countries will also engage with a private-sector-led group to test cross-border tokenization use cases for one year.
Officials will consult the industry on how the group should be structured. Its work may cover technical standards, regulatory clarity, and practical barriers affecting the adoption of tokenized assets.
SEC and FCA Will Explore Capital-Raising Changes
The ten recommendations also address traditional financial markets.
Staff from the SEC and FCA will explore ways to reduce obstacles affecting companies raising capital in the US and the UK.
The agencies will assess whether staff-level measures could provide market participants with greater clarity and reduce unnecessary friction.
Other proposals cover cooperation on consolidated market data, UK swap execution facilities, international accounting standards, and supervisory arrangements between financial regulators.
The task force also supports a targeted review of international banking rules for crypto assets through the Basel Committee on Banking Supervision.
The US and UK want those standards to remain evidence-based, technology-neutral, and suitable for financial products that continue to evolve.
Task Force Aims to Preserve US and UK Market Leadership
The recommendations were developed following discussions with financial services companies in both countries.
U.S. Treasury Secretary Scott Bessent said the initiative reflects the depth of the two financial markets and their shared commitment to standards that encourage innovation and competition.
The U.S. Treasury said the package is designed to deepen cross-border financial activity, improve supervisory cooperation, and provide firms with greater clarity when working with tokenized assets.
The task force was created during President Donald Trump’s state visit to the United Kingdom in September 2025. It is co-chaired by the U.S. Treasury and HM Treasury, with participation from financial regulators in both countries.
What Happens Next
The roadmap provides a shared direction, but its recommendations still need to be carried forward by government departments and regulators.
The SEC, CFTC, FCA, and Bank of England must determine how the proposals fit within their respective legal and regulatory systems.
The proposed private-sector group could provide an early test of whether tokenized assets can be used across the two markets without creating new settlement, custody, or compliance risks.
Stablecoin issuers will also be watching for details on eligible reserve assets, redemption standards, insolvency protection, and the process for entering the other country’s market.
What this means for you: For everyday stablecoin users, nothing changes immediately. But over time, it could lead to clearer reserve standards, stronger redemption rights, and better protection if a stablecoin issuer fails. Users may also gain access to more regulated stablecoin payment and settlement services across the US and UK.
