https://www.thebanker.com/content/9d86a1e3-3279-4b4f-aa44-064fd0fa6b3c
The United States and the United Kingdom have jointly announced a call for stablecoins to be fully backed by liquid assets, supporting their integration into financial markets. This alignment follows the U.S. GENIUS Act and anticipates the UK’s forthcoming FCA regulations, both requiring stablecoins to be backed by high-quality liquid assets like cash and government debt. This development suggests a move towards transatlantic regulatory harmonization on digital assets, particularly stablecoins, treating them as regulated payment instruments. High-level talks led by U.S. Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves in London have reinforced this collaborative stance.
Key Takeaways
The joint statement appears consistent with support for a more favorable regulatory environment for stablecoins.
The announcement suggests alignment between U.S. and UK policies regarding the regulation and backing of stablecoins.
