The United States (U.S.) Department of the Treasury and United Kingdom’s (U.K.) HM Treasury collaboratively launched a landmark 10‑point roadmap that aligns rules on stablecoins and tokenization.
The Transatlantic Taskforce for Markets of the Future (TTMF), released this roadmap on July 14, 2026, marking a major step toward harmonized digital finance regulation. It aims to reduce regulatory friction, enforce transparency, and strengthen cross‑border collaboration.
At its core, the plan requires stablecoins to be backed 1:1 by cash and high‑quality liquid assets, with monthly reserve disclosures, while also encouraging collaborative trials among the industry for tokenization projects.
The U.S. framework stems from the GENIUS Act (2025), which mandates strict reserve requirements, transparency, and bans interest payments to stablecoin holders.
Meanwhile, the U.K. is finalizing its own single payments framework covering both stablecoins and tokenized deposits, with rules expected by late 2026.
Roadmap Landmark: Digital Assets
The TTMF emphasizes the rapid growth of digital money and tokenized assets, driven by distributed ledger technology, institutional investment, and evolving regulation.
Industry engagement revealed strong demand for deeper cross‑border connectivity, reduced fragmentation, and accelerated adoption of tokenization.
Recommendation 1: Establish a private sector‑led group to experiment with cross‑border tokenized asset use cases and share best practices.
Recommendation 2: Regulators including the SEC, FCA, CFTC, and Bank of England will seek common approaches to tokenized assets, covering settlement finality and the use of stablecoins or tokenized money market funds as collateral.
Recommendation 3: Publish a joint U.S.–UK statement on stablecoins to foster alignment and ongoing dialogue.
Recommendation 4: Support a multi‑money ecosystem where stablecoins, tokenized deposits, and other digital forms coexist under robust policy frameworks.
Recommendation 5: Collaborate at the Basel Committee to ensure prudential standards for crypto-assets are future‑proof, technology‑neutral, and evidence‑based.
Roadmap Landmark: Capital Markets
Given their status as two of the largest financial centers, the U.S. and UK also identified reforms to strengthen capital market links and reduce frictions.
Recommendation 6: FCA and SEC staff will explore ways to facilitate cross‑border capital raising and provide clarity to market participants.
Recommendation 7: SEC staff will consider reforms to the Foreign Private Issuer framework, incorporating UK standards into treatment of UK FPIs.
Recommendation 8: Enhance transparency by exploring collaboration between UK consolidated tapes and U.S. systems.
Recommendation 9: CFTC and FCA will assess converting temporary relief for UK Swap Execution Facilities into longer‑term substituted compliance, while updating supervisory cooperation.
Recommendation 10: Reaffirm commitment to globally accepted accounting and auditing standards, ensuring transparency and reliability in financial reporting.
Conclusion
The TTMF’s recommendations represent actual steps to align U.S.–UK regulatory approaches, promote innovation, and strengthen global competitiveness.
Through specialized focus on both digital assets and capital markets, the roadmap seeks to balance financial stability with innovation, ensuring consumers and businesses benefit from more efficient, transparent, and interoperable financial systems.
This collaboration positions both nations as leaders in shaping the future of digital finance and capital market integration.
