In a significant move, the United States and the United Kingdom are collaborating to establish a cross-Atlantic regulatory framework for stablecoins, aiming to promote the broader adoption of these cryptocurrencies, which are primarily pegged to the US dollar.
On Tuesday, officials from both nations jointly released a series of policy recommendations designed to create a "clear pathway" for stablecoins issued within their respective jurisdictions.
US Treasury Secretary Besant stated that these measures reflect a "shared commitment to fostering economic growth and advancing global standards that reward innovation and competition."
This collaboration represents the latest step in the Trump administration's strong push to support stablecoin policy. Former President Trump signed the Genius Act into law in July 2025, formally establishing a regulatory framework for stablecoin development in the United States.
Currently, the two dominant stablecoins, Tether's USDT and Circle's USDC, are both pegged to the US dollar and collectively hold approximately 84% of the market share. In contrast, the circulation of pound-sterling-pegged stablecoins is negligible by comparison.
Cross-Atlantic Taskforce Proposes Key Measures
The newly announced policy recommendations originate from the "Transatlantic Taskforce for Markets of the Future" (TTMF), a joint initiative launched by the US and UK in September of last year. Its core objective is to coordinate regulatory cooperation between the two countries on cross-border crypto products and eliminate regulatory barriers faced by businesses when launching such offerings.
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 for tokenized assets.
Third, enhancing coordination between the two nations' regulatory bodies on crypto rules.
Fourth, supporting the Basel Committee on Banking Supervision's review to reassess capital requirements for banks holding crypto assets.
The UK Treasury Department has concurrently published these recommendations on its official website.
Dollar-Pegged Stablecoins Maintain Market Dominance
Stablecoins are a category of cryptocurrency tokens 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 remains unchallenged.
According to data from provider CoinGecko, the circulating value of Tether's USDT is approximately $1.84 trillion, while Circle's USDC is around $730 billion. Together, they account for roughly 84% of the total stablecoin market.
By comparison, the largest pound-sterling-pegged stablecoin has a circulation of only $34 million, highlighting a vast disparity.
Former President Trump is viewed as the most powerful advocate for stablecoins within the current administration. After signing the Genius Act last July to establish a formal regulatory framework for stablecoin issuers, he has continued to push Congress to pass further legislation favorable to the broader crypto industry.
Concurrently, the crypto industry maintains deep financial ties with the Trump family.
Financial disclosure documents reveal that Trump personally gained at least $14 billion from crypto-related ventures last year, making him the largest crypto beneficiary in the US. Trump has stated that these gains are "perfectly fine."
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