Ahead of the G20, two issues were set side by side in the same letter: rules for stablecoins can be finalized, but arrangements for handling cross-border crises remain underdeveloped. The Financial Stability Board (FSB) wrote to G20 finance ministers and central bank governors, warning that cross-border oversight and crisis-management arrangements for stablecoins have not kept pace, and that artificial intelligence also poses risks to financial stability. According to Cointelegraph, FSB Chair Andrew Bailey said that all 11 of the 11 jurisdictions surveyed had finalized stablecoin regulatory frameworks. The FSB also noted that a stablecoin run could spill over into traditional financial markets through forced sales of reserve assets and outflows of bank deposits; stablecoins with multiple issuers also carry the risk that redemption demand could concentrate on a single issuer. Its AI guidance covers governance, development and deployment, cybersecurity, and third-party service risks, and calls on the G20 to support the responsible adoption of AI in the financial sector. Having the frameworks in place does not mean there are already effective tools to contain the spillover from a run or manage cross-border crises.
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