US, UK treasuries to align transatlantic rules on tokenization and stablecoins
The US Treasury and HM Treasury issued joint recommendations to deepen cooperation on digital assets, focusing on stablecoins and tokenized finance. They proposed a private-sector-led group to test cross-border tokenized asset use cases and urged US agencies and the Bank of England to align on tokenized asset regulation. On stablecoins, both governments said they want comparable rules for comparable risks to support financial stability without distorting competition or cross-border activity. The statement also said stablecoins should be fully backed one-to-one by high-quality, liquid assets, consistent with US stablecoin law. The announcement came alongside a UK-backed industry report estimating tokenization could add up to $44 billion annually to UK economic output by 2035 if the UK becomes a leading tokenization hub.
