Yesterday, the FSB dropped a 9-page report on the G20. Its exact words: Global stablecoins have yet to face a genuine run, and their regulatory frameworks have never been tested by a bankruptcy liquidation. Twenty-eight countries are each doing their own thing, and only 11 have put a complete regulatory framework in place.
Three figures to chew on: stablecoins have a total market cap of $306 billion (up from just $206 billion at the start of this year), and 99% are pegged to the U.S. dollar. With a multi-issuer structure like USDC’s, a wave of redemptions could pile up on one issuer while the reserve assets sit in other countries. If things go wrong, nobody knows whose bankruptcy laws would govern the liquidation. The report named $USDC and Paxos Dollar as examples of this structure (not as an accusation).
The timing was deliberate: G20 finance ministers and central bank governors are meeting in Bangkok on October 15, and this is exactly what they’ll be discussing.
A pointed question: USDC depegged in March 2023 and then repegged, while $USDT has survived round after round of “collapse” predictions and is still going strong. Does that count as having passed the test? Is regulation worrying over nothing, or is the danger really lurking right under our feet?
$BTC $USDT $USDC #稳定币 #G20
Three figures to chew on: stablecoins have a total market cap of $306 billion (up from just $206 billion at the start of this year), and 99% are pegged to the U.S. dollar. With a multi-issuer structure like USDC’s, a wave of redemptions could pile up on one issuer while the reserve assets sit in other countries. If things go wrong, nobody knows whose bankruptcy laws would govern the liquidation. The report named $USDC and Paxos Dollar as examples of this structure (not as an accusation).
The timing was deliberate: G20 finance ministers and central bank governors are meeting in Bangkok on October 15, and this is exactly what they’ll be discussing.
A pointed question: USDC depegged in March 2023 and then repegged, while $USDT has survived round after round of “collapse” predictions and is still going strong. Does that count as having passed the test? Is regulation worrying over nothing, or is the danger really lurking right under our feet?
$BTC $USDT $USDC #稳定币 #G20