The US and UK are taking steps to integrate digital assets into their financial infrastructure. A joint taskforce between the two countries has released a statement affirming that stablecoins are an important innovation in digital money, particularly for cross-border finance.
As part of this effort, the UK's Financial Conduct Authority (FCA) has introduced a new CryptoAsset sourcebook under 'Crypto II,' which sets rules for stablecoin issuers. The FCA also published a joint paper with the Bank of England explaining how systemic stablecoins will be supervised and how firms can transition between different regulatory regimes.
Ripple, a US-based company, is expanding its footprint in Europe and the UK. It has secured licenses in both regions and is participating in a US-UK taskforce focused on 'markets of the future.' Ripple's XRP token is being positioned as a bridge currency for stablecoins.