FSB note on global stablecoin arrangements

The Financial Stability Board (FSB) has published a note on global stablecoin arrangements, summarising its ongoing work on cross-border vulnerabilities and financial stability monitoring. It builds on the FSB's 2023 high-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements and its 2025 thematic peer review of their implementation. The note highlights that the cross-border reach and use of global stablecoins, which span across multiple entities and authorities, may limit the ability of any single jurisdiction to fully assess or address potential vulnerabilities on its own.

The FSB identifies three areas, relating to the implementation of its 2023 recommendations, that may warrant continued consideration: (i) enhancing monitoring of cross-border vulnerabilities, supported by the indicators mentioned in the note and the FSB's work on stablecoin data availability and limitations; (ii) fostering cross-border cooperation and information-sharing to support implementation of the 2023 recommendations; and (iii) gathering information on emerging approaches to planning for distress or failure of global stablecoin arrangements, with a focus on cross-border issues.

The note also states that to strengthen stablecoin monitoring, members and relevant authorities could consider developing a set of metrics for financial stability monitoring and identifying data gaps, making better use of existing data, and exploring possible industry best practices for data collection and compilation on- and off-chain to improve quality and comparability over time. The note is accompanied by a letter from the FSB’s Chair, Andrew Bailey, addressed to G20 finance ministers and central bank governors, highlighting risks to the global financial system.

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