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UK and US Seek Stablecoin Regulatory Convergence and Cross-Border Market Access The UK and US governments issued a joint statement supporti…

UK and US Seek Stablecoin Regulatory Convergence and Cross-Border Market Access The UK and US governments issued a joint statement supporting closer coordination on stablecoin regulation and their use in cross-border payments, settlement and capital markets. Stablecoins held out as money should be backed at least 1:1 by high-quality liquid assets. Reserves should be segregated from issuers’ own funds, with timely redemption and a clear, protected claim for holders in the event of insolvency. Both governments intend to pursue comparable regulatory outcomes for comparable risks and activities, while avoiding reserve and prudential requirements that are disproportionate to risk or create barriers to competition. They also support fair, risk-based access to financial services and markets for regulated stablecoin providers, and plan to explore a clear pathway for stablecoins issued in either jurisdiction to access the other market.
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