The UK and the US have issued a joint statement marking a significant step towards unifying stablecoin regulation. This is not just a formal dialogue, but a concrete roadmap. Both jurisdictions intend to synchronize their approaches to encourage the use of digital currencies in cross-border payments, securities transaction settlements, and capital markets.
Key Principles: Reserving and Fair Access
The document, prepared by the joint transatlantic working group established back in September 2025, sets clear frameworks. The main one is that stablecoins pegged to fiat currencies must be backed "one-to-one" by highly liquid and high-quality assets. This is a fundamental principle that, in my view, will become the gold standard for all issuers.
Importantly, regulators have agreed to avoid excessive requirements. The goal is not to fragment the market with bureaucracy, but to create a level playing field for competition. London and Washington emphasize that issuers should receive banking services based on risk assessment, not as a residual matter. This paves the way for legitimate stablecoins into the traditional financial infrastructure.
Holder Protection and Bankruptcy Mechanisms
Special attention is paid to user safety. Issuers' reserve assets must be segregated from the company's own funds and protected for the benefit of token holders. In the event of an issuer's bankruptcy, stablecoin holders should have a clear and priority claim on these reserves—ahead of other creditors.
Additionally, the countries are developing mechanisms for cross-border coordination in bankruptcy. This is critically important, as many issuers operate in multiple jurisdictions, and without a unified approach, token holders could face legal uncertainty.
Mutual Market Access
The most practical step is the intention to open markets to each other. Plans are in place to develop a clear pathway for stablecoins issued in one country to gain access to the market of the other. This sets a precedent for global interoperability.
My comment: This statement is not just a declaration, but a signal to the market. We are witnessing the formation of an "Anglo-Saxon standard" for stablecoins, which could become the basis for global regulation. If London and Washington reach an agreement, other jurisdictions will either have to join in or create their own barriers. For investors, this reduces regulatory risk but raises requirements for issuers—only those ready for full transparency and audits will survive.