London and Washington have taken a significant step toward creating a unified regulatory framework for stablecoins. A joint statement, published as part of the work of the transatlantic working group established in September 2025, outlines the contours of a future regime for these digital assets. The goal is not merely to align approaches, but to provide the market with clear rules of the game for the development of cross-border payments, settlements, and capital market operations.
Common Principles and Reserve Requirements
A key element of the agreement is the requirement for full backing of stablecoins. Both sides agreed that issuers must hold reserves in high-quality liquid assets on a 1:1 basis. At the same time, regulators intend to avoid excessive requirements that could fragment the market or stifle competition. This is about "equal outcomes for equal risks" — an approach designed to ensure flexibility without compromising reliability.
Access to Financial Infrastructure
Special emphasis is placed on the need to provide legal stablecoin issuers with access to banking services. This is not about privileges, but about fair access based on risk assessment, including for conducting settlements of securities and commodities. This is an important signal for the entire industry, which has long faced "debanking" issues.
Holder Protection and Bankruptcy Procedures
The document pays particular attention to protecting user funds. Reserve assets must be segregated from the company's own funds and protected for the benefit of holders. Issuers are required to ensure timely redemption of obligations and clearly disclose client rights. Furthermore, a bankruptcy scenario has been developed: stablecoin holders should have a priority claim on reserves over other creditors. For cross-border cases, international coordination of bankruptcy procedures is provided, critically reducing jurisdictional risks.
Practical Step: Mutual Market Access
The most significant practical outcome is the intention of the parties to develop a "clear path" for mutual access. This means that stablecoins issued in one jurisdiction will be able to access the market of the other. In essence, the foundation is being laid for a transatlantic "passport" for stablecoins.
My Expert Assessment: This agreement is not just a bureaucratic declaration, but a real breakthrough in the institutionalization of stablecoins. The harmonization of rules between the world's two largest financial markets sets a precedent for global regulation. In the medium term, we will see a sharp increase in institutional interest and the emergence of new, fully compliant products based on stablecoins, which will become a powerful catalyst for the entire DeFi and CeFi ecosystem.