The UK and US are set to announce closer cooperation on crypto, according to a Financial Times report.

Talks on the plan were held Tuesday between Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent, with crypto firms and banks, including Coinbase, Circle, Ripple, Citi, and Barclays, present. Any agreement is expected to cover stablecoins.

UK officials said Reeves hopes that aligning rules with the US will expand market access and attract investment amid concerns London is losing ground to New York as companies pursue higher valuations.