U.S. and UK lay out cross-border stablecoin framework and tokenized-collateral roadmap

The U.S. Treasury and HM Treasury published a joint stablecoin statement and ten-part financial-markets roadmap. The governments intend to enable cross-border stablecoin use, pursue comparable regulatory outcomes, require at least one-to-one backing with high-quality liquid assets, protect holders’ claims on reserves, and explore reciprocal market access. Regulators will also examine common treatment of tokenized assets, including whether stablecoins and tokenized money-market funds can serve as central-counterparty margin collateral.