US and UK jointly promote stablecoin regulatory cooperation, Trump administration accelerates digital dollar strategy.
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The United States and the United Kingdom are joining forces to establish a transatlantic regulatory framework for stablecoins, pushing this cryptocurrency, mainly pegged to the US dollar, into broader application scenarios.
On Tuesday, the US and UK jointly released a series of policy recommendations aimed at establishing a "clear path" for stablecoins issued in their respective jurisdictions.
US Treasury Secretary Baisent stated that these measures demonstrate the two countries’ "shared commitment to promoting economic growth and advancing global standards that reward innovation and competition."
This cooperation marks the latest move by the US Trump administration to strongly support stablecoin policies. In July 2025, Trump signed the "Genius Act", officially establishing a regulatory framework for the development of stablecoins in the US.
Currently, the two major stablecoins, Tether’s USDT and Circle’s USDC, are both pegged to the US dollar and together account for about 84% of the market share, while pound sterling-pegged stablecoins are negligible by comparison.
Transatlantic Task Force Launches Series of Initiatives
The above policy recommendations stem from the "Transatlantic Taskforce for Markets of the Future" (TTMF) launched by the US and UK in September last year. Its core objective is to coordinate cooperation between the regulatory authorities of the two countries in the field of cross-border crypto products and remove regulatory barriers faced by companies launching such products.
The recommendations released this time cover multiple levels:
First, establish a clear regulatory path for stablecoins issued in the US and UK;Second, form a special working group to conduct cross-border testing of tokenized assets;Third, strengthen coordination between regulators of both countries on crypto regulations;Fourth, support the Basel Committee on Banking Supervision in launching a review to reassess how banks handle capital for crypto assets.
The British Treasury has simultaneously published these recommendations on its official website.
US Dollar Stablecoins Dominate the Market
Stablecoins are tokens in the cryptocurrency sphere designed to track the value of certain assets, most commonly pegged to the US dollar. Judging from the current market landscape, the dominance of dollar stablecoins is unshakable.
According to data provider CoinGecko, Tether’s USDT has a circulation value of about $184 billion, and Circle’s USDC about $73 billion, together accounting for about 84% of the overall stablecoin market.
By contrast, the largest pound-pegged stablecoin has a circulation of only $34 million—a stark difference.
Trump is regarded as the strongest advocate for stablecoins in the current administration. Last July, he signed the "Genius Act", formally establishing a regulatory framework for stablecoin issuers and continuously promoting more legislation favorable to the development of the crypto industry in Congress.
Meanwhile, the crypto industry also has deep financial ties with the Trump family.
According to financial disclosure documents, Trump himself earned at least $1.4 billion from crypto-related businesses last year, becoming the top crypto beneficiary in the United States. In response, Trump stated that these earnings are "not a problem at all".
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