Signal U.S.–UK Transatlantic Taskforce for the Markets of the Future — joint stablecoin recommendations

Summary

The Transatlantic Taskforce for Markets of the Future was established by Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves in September 2025 during President Trump's state visit to the UK. It published 10 recommendations, five covering digital assets and five traditional capital markets, directing the Bank of England, the FCA, the SEC and the CFTC to align approaches to tokenised-asset settlement finality and to whether stablecoins and tokenised money market funds can serve as collateral at clearing houses. The accompanying joint statement endorses a "multi-money ecosystem" in which stablecoins, tokenised bank deposits and other digital money coexist, requires stablecoins to be fully backed at least 1:1 by high-quality liquid assets with reserves segregated from issuer funds, and calls for timely redemption and disclosure of holder rights. The framework stops short of mutual recognition, meaning a stablecoin licensed in one country must still clear the other's rules to operate there. Bessent called the effort a reflection of "the strength and depth of U.S. and UK markets," while Coinbase's European policy head Katie Harries called it a "critical moment for transatlantic cooperation."