On 14 July 2026, HM Treasury and the U.S. Department of the Treasury jointly published the Recommendations of the Transatlantic Taskforce for Markets of the Future, covering ten priority areas. The Taskforce was established by UK Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent in September 2025 during the U.S. State Visit to the United Kingdom. The recommendations are at the advisory, pre-legislative stage and carry no direct legal force in either jurisdiction.
The recommendations address stablecoin use in cross-border transactions directly: the UK and United States intend to support safe, sound, and stable growth in the circulation of stablecoins for payments and settlement in cross-border transactions and capital markets activity. A separate UK-U.S. Joint Statement on Stablecoins was published concurrently at gov.uk. Broader recommendation areas include enhanced cross-border capital raising, updated supervisory cooperation protocols between UK and U.S. financial regulators, and clarity on the regulatory treatment of tokenised financial activity in each jurisdiction.
Stablecoin issuers active in both the UK and U.S. markets, and payment service providers using stablecoins for cross-border settlement, should treat these recommendations as an early indicator of regulatory direction in both jurisdictions. Crypto asset service providers and tokenised asset platforms should monitor the translation of recommendations into supervisory guidance and legislative proposals from HMT, the FCA, the SEC, and the CFTC. Cross-border market participants may, over time, face converging requirements on stablecoin reserve composition, redemption rights, and public disclosure across both markets.
The recommendations carry no direct legal force. The UK's stablecoin authorisation regime under the Financial Services and Markets Act 2023 (as amended) remains the operative legal basis for stablecoin oversight in the UK. U.S. federal stablecoin legislation was pending in Congress as of July 2026. Implementation of the Taskforce recommendations will require follow-on rulemaking or legislation in each jurisdiction before they become binding on market participants.
Licentium advises clients in the stablecoin, digital asset, and crypto payments sector on regulatory strategy across UK, EU, and U.S. jurisdictions. Our partner network includes UK FCA-specialist counsel and U.S. advisers covering federal and state money transmission requirements. Work we undertake includes stablecoin regulatory analysis, MiCA ART and EMT authorisation strategy, cross-border payments compliance, VASP and CASP licensing, and digital asset market entry advisory.