The United States and the United Kingdom are joining forces to advance a cross-Atlantic regulatory framework for stablecoins, issuing a series of policy recommendations aimed at establishing clear pathways for stablecoin issuance in both nations and eliminating regulatory barriers. These initiatives stem from the "Transatlantic Taskforce for Markets of the Future" (TTMF) established last September, covering areas such as cross-border testing of tokenized assets, regulatory coordination, and a review of capital treatment for bank-held crypto assets.

The US and the UK are collaborating to build a regulatory framework for stablecoins across the Atlantic, aiming to promote the broader application of these cryptocurrencies, which are primarily pegged to the US dollar.

On Tuesday, the two countries jointly released a set of policy recommendations dedicated to creating "clear pathways" for stablecoins issued within their respective jurisdictions.

US Treasury Secretary Bestent stated that the measures reflect the shared commitment of both nations to "foster economic growth and advance global standards that reward innovation and competition."

This collaboration represents the latest action in the Trump administration's strong support for stablecoin policy. In July of 2025, President Trump signed the "Genius Act," formally establishing a regulatory framework for the development of stablecoins in the United States.

Currently, the two largest stablecoins, Tether's USDT and Circle's USDC, are both pegged to the US dollar, collectively holding approximately 84% of the market share. In contrast, the circulation of pound-sterling-pegged stablecoins is negligible by comparison.

Cross-Atlantic Taskforce Unveils Series of Measures

The aforementioned policy recommendations originate from the "Transatlantic Taskforce for Markets of the Future" (TTMF), launched by the US and UK in September of last year. Its core objective is to coordinate regulatory cooperation between the two countries in the realm of cross-border crypto products and remove regulatory hurdles faced by companies when launching related products.

The published recommendations cover several key areas:

First, establishing clear regulatory pathways for stablecoins issued in both the US and the UK.

Second, forming a dedicated working group to conduct cross-border testing of tokenized assets.

Third, enhancing coordination between regulatory bodies in both countries regarding crypto rules.

Fourth, supporting the Basel Committee on Banking Supervision in initiating a review to reassess the capital treatment for banks holding crypto assets.

The UK Treasury has concurrently published these recommendations on its official website.

Dollar-Pegged Stablecoins Dominate the Market

Stablecoins are a category of tokens within the cryptocurrency space designed to track the value of a specific asset, most commonly the US dollar. The current market landscape shows the dominant position of dollar-pegged stablecoins is unshakable.

According to data from provider CoinGecko, Tether's USDT has a circulating value of approximately $184 billion, while Circle's USDC is around $73 billion. Together, they account for about 84% of the total stablecoin market.

In contrast, the largest pound-sterling-pegged stablecoin has a circulation of only $34 million, highlighting a vast disparity.

President Trump is seen as the most powerful advocate for stablecoins within the current administration. Last July, he signed the "Genius Act," establishing a formal regulatory framework for stablecoin issuers and continuing to push for more legislation favorable to the broader crypto industry's development.

Simultaneously, there is deep interwoven interest between the crypto industry and the Trump family.

According to financial disclosure documents, President Trump personally gained at least $1.4 billion from crypto-related activities last year, making him the largest crypto beneficiary in the US. Regarding this, Trump has stated that these gains are "perfectly fine."