G7 Evaluates Stablecoins as Risk to Global Financial Stability
The world’s biggest economies are assessing stablecoins as a potential risk to the global financial system, according to a statement from the Financial Stability Board (FSB).
In a letter to G20 finance ministers and central bank governors on Sunday, the FSB’s chair Randal Quarles said the G7 working group is delivering an assessment report on opportunities and challenges posed by global stablecoins.
While the G20 leaders previously admitted crypto assets do not pose a threat to global financial stability, the introduction of global stablecoins could pose “a host of challenges” to the regulatory community, the chair said in the letter.