Last month, the UK and US governments announced the creation of a new ‘Transatlantic Taskforce for Markets of the Future’ - a joint initiative to enhance collaboration on digital assets and foster innovation in cross-border markets. This is a huge step forward,
and I want to take this moment to congratulate both sides on getting this over the line.
The UK Cryptoasset Business Council was pleased to play its part. Over recent weeks, we have convened a broad coalition across finance, tech, and policy to push for distributed ledger technology to be a core part any UK-US bilateral agreement, off the back
off Trump’s state visit.
But announcing the Taskforce is only the beginning. The real challenge is turning ambition into tangible outcomes. Industry and investors need clarity, confidence, and the ability to innovate seamlessly across borders. That’s why UKCBC has proposed three
initiatives to guide the Taskforce over its next 180 days – the period it has given itself to deliver next steps.
1. Establish a transatlantic corridor for stablecoins and payments
Stablecoins have the potential to transform cross-border commerce. Today, US and UK businesses face delays and frictions when moving value across the Atlantic. Yet, stablecoins provide instant, low-cost, and secure settlement. The US has finalised the GENIUS
Act, and the Bank of England has signalled openness to including stablecoins in the Digital Securities Sandbox - yet alignment is still needed to deliver the necessary interoperability to allow stablecoins to be used for payments and settlement in transatlantic
commerce.
A transatlantic corridor would allow USD and GBP denominated stablecoins to flow freely, enabling institutions to settle commercial transactions seamlessly. Crucially, regulated stablecoins should be usable by retail customers on both sides of the Atlantic
without unnecessary hurdles. This initiative would create a solid foundation for transatlantic digital finance: faster payments, lower costs, and less friction.
2. Develop tokenised products across core asset classes
Tokenisation is the next frontier for modern finance. The UK’s Digital Securities Sandbox is live, supporting projects such as the Digital Gilt (DIGIT), while the US is moving rapidly to facilitate tokenisation of traditional instruments. Coordinating efforts
across both markets would establish a robust, transatlantic approach to issuing, trading, and investing in tokenised products.
To deliver this, we propose a three-phase approach:
- Phase 1: Build shared regulatory foundations through co-developing the sandbox. This would align supervision, set interoperability standards for custody, settlement, and reporting, and create an advisory council of industry and regulators
to keep the framework up to date.
- Phase 2: Scale tokenisation across core asset classes, ensuring products can be launched and distributed competitively and efficiently.
- Phase 3: Extend programmability to broader financial assets once safeguards are established, unlocking innovative features like automated corporate actions or programmable payments.
The outcomes are clear: investors and institutions can access tokenised products on the same cross-border terms as traditional instruments, and firms won’t face duplicated or misaligned regulatory requirements.
3. Build deep, liquid markets for digital assets
Innovation only succeeds if markets can support it. Deep liquidity ensures that tokenised products and stablecoins can be traded efficiently and accessed by a broad investor base. Forthcoming UK and EU rules will set local requirements for cryptoasset service
providers, including market access, venue setup, and token listing standards. Without alignment, firms risk being hampered by fragmented rules and duplicated obligations.
A transatlantic approach would harmonise disclosure requirements, recognise well-regulated US and UK firms, and broaden access to capital. Consumers and investors on both sides of the Atlantic would benefit from deeper, more accessible markets, while token
projects could tap larger pools of capital with confidence that regulatory safeguards are aligned. This initiative ensures that innovation isn’t stifled, and that the US and UK maintain their position as the world’s most attractive markets for digital finance.
These initiatives are not standalone - they work together as a single, transatlantic strategy. Stablecoins provide the rails for fast, seamless payments. Tokenised products sit on those rails, modernising traditional instruments and enabling cross-border
investment. Deep, liquid markets then ensure these innovations have the capital and confidence to thrive. Interoperable payments, tokenised finance, and liquid markets create a virtuous cycle - one that positions the UK and US as leaders in shaping the future
of global finance.
The Taskforce shows political will. Now it must deliver real outcomes. As the organisation that led this campaign, UKCBC looks forward to working with government and regulators to ensure these initiatives become reality. Britain has always been a global
financial leader. This is our chance to prove it again.