The United Kingdom is falling behind in the digital asset market, particularly in the area of stablecoins, despite the technology’s potential to help the country preserve its leading role in global financial services.

That was a central message in a recent Financial Times op-ed by George Osborne, the former UK chancellor turned crypto lobbyist, who joined Coinbase as an adviser last year.

“What I see makes me anxious. Far from being an early adopter, we have allowed ourselves to be left behind,” Osborne wrote, referring to his native UK. 

A key concern for Osborne is the sluggish progress on stablecoins — onchain representations of fiat currencies that are helping to reduce friction in transactions and cross-border remittances.

London’s position as a global financial hub, he argued, stemmed from its willingness to embrace innovation — an attitude that it has all but abandoned. 

“On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up,” Osborne wrote. 

While the United States advances legislation like the GENIUS Act to reinforce the dollar’s role as the dominant global reserve currency, Osborne warned that the UK government’s inaction “ensures the pound won’t even play a supporting role,” highlighting the greenback’s overwhelming lead in the stablecoin market.

That’s a significant setback, given that the pound sterling ranks among the top five most traded currencies globally, according to the Bank for International Settlements.

Osborne’s op-ed amounted to a scathing critique of current Chancellor Rachel Reeves, who, he noted, has failed to follow through on her promise to take bold steps on stablecoins.

Related: Boom in RWA tokenization expected after passing of GENIUS Act — Aptos exec

Coinbase’s satirical ad sparks controversy

Osborne’s op-ed followed the release of a provocative musical ad by Coinbase, the company he advises, which criticized the UK for its economic mismanagement and ongoing cost-of-living crisis.

Titled “Everything Is Fine,” the ad satirizes the bleak state of the country, perhaps as a way to highlight crypto’s potential as a wealth-generating alternative.

“If everything is fine, then don’t change anything at all. But when the financial system isn’t working for so many people in the UK, it needs to be updated,” Coinbase wrote in a YouTube caption accompanying the ad.

Coinbase CEO Brian Armstrong claimed last week that the ad was banned by major UK television networks. However, CNBC said it could not independently verify the claim as of Monday.

While difficult to quantify precisely, Coinbase has been a major player in US crypto lobbying, especially in 2024, when it poured millions of dollars into efforts during a pivotal election year, according to OpenSecrets.

As Politico reported, the company began lobbying over a decade ago and has since ramped up its efforts significantly. In fact, the publication noted that Coinbase has spent more on lobbying than any other crypto firm.

Its latest ad campaign and Osborne’s op-ed suggest the company is refocusing its attention on the UK — a market it first entered in 2015.

Related: UK regulator lifts ban on crypto ETNs for retail investors