US Tells UK How to GENIUS: Stablecoin Rulebook Lands in London, Final Version Still Loading

US officials briefed their UK counterparts on the implementation of the GENIUS Act stablecoin framework at the 13th Financial Regulatory Working Group (FRWG) meeting held in London on July 8, 2026, according to a joint statement published August 4. The GENIUS Act, signed into law by President Trump in July 2025, is the first comprehensive federal statute governing payment stablecoins in the United States and mandates 1:1 backing with high-quality liquid assets.

US agencies missed the July 18 statutory deadline to finalize implementing rules, pushing full effectiveness of the framework to early 2027. The meeting in London also covered digital asset market structure, tokenization priorities, and the G20 Cross-Border Payments Roadmap, with both sides signaling a shared commitment to responsible innovation alongside financial stability. No new binding rules were announced.

Institutional adoption is already underway ahead of finalization. One day before the joint statement, BlackRock, the world's largest asset manager, launched two tokenized money market funds targeting reserve eligibility under the GENIUS Act. The stablecoin market capitalization reached a record $323 billion as reserve-compliant products begin entering the market.

The FRWG, which convenes US and UK financial regulators for regular coordination, is the primary bilateral channel for cross-border oversight of digital assets and payments policy. The August 4 statement did not specify which US agencies led the briefing on the stablecoin rollout. Both governments confirmed they will continue tracking tokenization developments and cross-border payment infrastructure under the existing working group schedule.