The U.S. Department of the Treasury and HM Treasury released recommendations on stablecoin activities and tokenized finance, while a UK government-supported industry report said tokenization could add up to $44 billion to the UK’s annual economic output by 2035. Both sides suggested private sector-led groups to test cross-border tokenized asset use cases. The U.S. and UK also said stablecoins should be backed at a minimum 1:1 ratio by high-quality liquid assets.