U.S. and UK set shared path for stablecoin and token rules

The U.S. and UK Treasuries have released a joint set of recommendations for how the two countries should coordinate rules for stablecoins, tokenized assets and capital markets. For retail investors, the key point is practical: the plan could shape how digital dollars, digital pounds and blockchain-based versions of financial assets are treated across two major markets, though it does not change the rules today.

HM Treasury and the U.S. Treasury published the 10 recommendations on Tuesday through the Transatlantic Taskforce for Markets of the Future. According to the publication, five recommendations focus on digital assets, while the other five address traditional capital markets.

The recommendations are not binding. Each country still has to finish its own rulemaking and regulatory process. The document instead sets a common direction for officials on both sides of the Atlantic as they work through fast-moving questions around crypto-linked payments, tokenized securities and market structure.

What the plan covers

Stablecoins are crypto tokens designed to track the value of another asset, often a national currency such as the U.S. dollar. Tokenization means putting a claim on an asset, such as a fund interest or other financial instrument, onto a blockchain so it can be recorded and transferred digitally.

According to HM Treasury and the U.S. Treasury, the recommendations include a private-sector group that will test cross-border tokenization. That matters because tokenized markets can run into legal and operational questions when an asset, investor or trading venue sits in different countries.

The two governments also issued a joint statement supporting stablecoins, according to the recommendations. Stablecoin rules have become a central issue for crypto exchanges, payment firms and investors because these tokens are widely used to move money between crypto assets and, in some cases, to make payments.

The taskforce was created during President Donald Trump’s UK state visit in September 2025 by UK Chancellor Rachel Reeves and U.S. Treasury Secretary Scott Bessent, according to the publication. Its work is aimed at improving cooperation between the two countries on digital assets and capital markets.

Industry reaction

Coinbase welcomed the plan. The crypto exchange called the recommendations a “critical moment for transatlantic cooperation,” according to Decrypt.

For now, investors should treat the announcement as a policy signal rather than a finished rulebook. The recommendations point to closer U.S.-UK coordination, but they do not say that stablecoin issuers, crypto platforms or tokenized asset providers can operate under a single shared regime.

The next step is the harder one: turning a shared roadmap into actual rules in each jurisdiction. Until then, the announcement gives the market a clearer view of where U.S. and UK officials want digital-asset regulation to go, without creating immediate legal changes for companies or users.

This story draws on original reporting from Decrypt.