The FSB has its eye on stablecoins
Says cross-border oversight still isn’t up to scratch
Today it submitted a report to the G20
The stablecoin market is worth around $300 billion
99% are pegged to the U.S. dollar
Here’s the problem:
Coins move all over the world
But reserves and legal frameworks are spread across different countries
If there’s a rush to redeem
One country alone can’t manage it
And some issuers
Even choose to set up shop where rules are lax
Put simply, this isn’t a new ban
It’s a warning ahead of the meeting
I’ll be watching to see whether the G20’s meeting this week
leads to real rules
#FSB警告跨境稳定币监管仍不完善 $BTC
Says cross-border oversight still isn’t up to scratch
Today it submitted a report to the G20
The stablecoin market is worth around $300 billion
99% are pegged to the U.S. dollar
Here’s the problem:
Coins move all over the world
But reserves and legal frameworks are spread across different countries
If there’s a rush to redeem
One country alone can’t manage it
And some issuers
Even choose to set up shop where rules are lax
Put simply, this isn’t a new ban
It’s a warning ahead of the meeting
I’ll be watching to see whether the G20’s meeting this week
leads to real rules
#FSB警告跨境稳定币监管仍不完善 $BTC