US-UK Stablecoin Talks Accelerate GENIUS Act Implementation
The United States and the United Kingdom held their 13th Financial Regulatory Working Group (FRWG) meeting in London on July 8, 2026. The meeting was marked by a joint statement published August 4, confirming that US officials briefed UK counterparts on the ongoing rollout of the GENIUS Act stablecoin framework.
The GENIUS Act is the first comprehensive federal law governing payment stablecoins in the US, signed into law by President Trump in July 2025. The law mandates 1:1 backing with high-quality liquid assets such as cash and short-term US Treasuries for issuers.
BlackRock launched two tokenized money market funds targeting GENIUS Act reserve eligibility just one day before the joint statement dropped, a signal that Wall Street is not waiting for final rules. The Treasury, OCC, FDIC, Federal Reserve, and NCUA have all issued proposed rules, but none have released final regulations.
The full effectiveness of the GENIUS Act is now targeted for early 2027. At the London meeting, US authorities updated UK regulators on where that process stands.