Tokenization: Collaborating For Markets Of The Future

The launch of the Transatlantic Taskforce for Markets of the Future (TTMF) in September 2025 was an initiative established by the US Treasury and HM Treasury. Its aim was to develop recommendations to advance US-UK financial services collaboration, with a focus on digital assets and capital markets.

TTMF committed to reporting initial recommendations via a US-UK Financial Regulatory Working Group (FRWG).

Work that translates into meaningful progress

In July 2026, the TTMF published their recommendations for both digital assets and capital markets.

Focusing specifically on digital assets, the report acknowledges the US and UK as leading global financial centers, putting into perspective the opportunity available and the importance therefore of leveraging this to actively shape the development of digital asset markets and next-generation financial infrastructure. Cognizant of ongoing development of legislative and regulatory frameworks in both jurisdictions, the report rightly points out there is a timely opportunity to strengthen bilateral collaboration on digital assets and importantly to promote innovation.

The TTMF notes that industry engagement has shown a clear desire to deepen cross-border connectivity, reduce market fragmentation and accelerate adoption of tokenization for the benefit of consumers and businesses working across both jurisdictions.

So what does the TTMF recommend? Targeted steps are aimed at:

• improving connectivity,
• enabling more efficient and transparent markets, and
• informing potential alignment of regulatory frameworks

The recommendations include actions to facilitate:

• cross-border activity
• support innovation through real-world use cases
• reinforce the competitiveness and global leadership of both the US and UK financial sectors

The result

The five recommendations relating to digital assets focus on:

1. Engaging a private sector-led group to focus on industry experimentation and testing of cross-border use cases for tokenized assets
2. US and UK authorities aiming to identify common approaches to the regulatory treatment of tokenized assets
3. Developing and publishing a joint statement on stablecoins
4. Supporting financial innovation with robust policy frameworks for digital financial services
5. Working to support the targeted review of standards for the prudential treatment of cryptoassets

The future is happening now

What is clear is that the focus on digital assets and markets of the future is central to US and UK thinking, and developments are moving at pace. TTMF provides an opportunity for the US and UK to show leadership and work to deliver on this opportunity.

For further information on the TTMF, read more here