Of the 28 jurisdictions surveyed, only 11 have completed stablecoin regulatory frameworks. Cross-border oversight and crisis management remain immature or have yet to be established. Financial Stability Board Chair Andrew Bailey cited these figures from a 2025 review. The FSB warned that a run on stablecoins could force the sale of reserve assets and trigger bank deposit withdrawals, transmitting the shock to traditional financial markets. Stablecoins with multiple issuers face another mismatch: redemption demand could concentrate on a single issuer, while reserve assets are spread across different jurisdictions. European Central Bank President Christine Lagarde has previously warned of similar risks. Meanwhile, the FSB has finalized practices for the responsible adoption of AI in the financial sector, covering organizational governance, AI development and deployment, cybersecurity, and third-party service risks. Bailey said that sophisticated cyberattacks driven by AI could undermine the resilience of key financial institutions and market infrastructures. A related letter has been submitted to the G20 meeting of finance ministers and central bank governors. Gaps in the frameworks remain, and the channels through which runs could spread have been identified. The focus now is on how quickly countries fill those gaps—not on treating the review’s findings as a set of uniform rules already in force.
#稳定币监管 #Financial Stability Board