This note to the G20 summarises the FSB’s ongoing work on vulnerabilities related to global stablecoins along with data for their financial stability monitoring.
Crypto-assets and Global Stablecoins
Crypto-asset markets, including stablecoins, are increasingly interconnected with the traditional financial system. If they grow substantially, deepen those links, or develop vulnerabilities that amplify shocks, they could transmit stress to the wider financial system and the real economy. Global stablecoins, which have a reach and use across multiple jurisdictions and could become systemically important in one or more of them, require particular attention. If widely used for payments or as a store of value across borders, a loss of confidence could trigger runs and forced sales of their reserve assets.
At the G20’s request, the FSB has led international work on the financial stability risks of crypto-assets since 2018. In July 2023, it finalised a global regulatory framework made up of two sets of recommendations: one for crypto-asset activities and markets, and a revised one for global stablecoin arrangements. The FSB’s 2025 peer review found welcome progress in putting the framework into practice, but also highlighted significant gaps and inconsistencies across jurisdictions, and called on them to prioritise full and consistent implementation. As stablecoin regulatory frameworks continue to develop, the FSB’s current work focuses on the cross-border vulnerabilities related to global stablecoin arrangements and the data needed to monitor them.
Crypto-assets and stablecoins also raise other policy concerns, such as consumer and investor protection, market integrity, AML/CFT, sanctions compliance, tax evasion, and capital controls, which other authorities and international bodies address.
Key Documents
12 October 2026
Progress in implementing the FSB Crypto Framework is welcome but gaps and inconsistencies remain, highlighting the need for jurisdictions to do more to reach full and consistent implementation.
22 October 2024
Jurisdictions have made progress in implementing the policy and regulatory responses developed by the IMF, FSB, and standard-setting bodies (SSBs), but challenges remain.
23 July 2024
Report examines the use of global stablecoins in EMDEs and the unique cross-border financial stability risks they pose, and considers ways to address these risks.
Report assesses financial stability risks related to multifunction crypto-asset intermediaries and derives implications for policy consideration.
7 September 2023
Paper describes how the policy and regulatory frameworks for crypto-assets developed by the IMF and the FSB (alongside standard-setting bodies) fit together and interact with each other.
Final recommendations seek to promote the comprehensiveness and greater international consistency of regulatory and supervisory approaches to crypto-asset activities and markets, including crypto-asset issuers and service providers.
High-level Recommendations seek to promote consistent and effective regulation, supervision and oversight of global stablecoins across jurisdictions to address the potential financial stability risks they pose.
16 February 2023
Report analyses the DeFi ecosystem, identifies vulnerabilities and sets out work to address them.
11 October 2022
Report sets out the key issues and challenges for the regulation and supervision of crypto-asset activities and markets and outlines the FSB’s proposed approach for establishing a comprehensive regulatory framework to address the financial stability risks.
11 October 2022
Recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets and to strengthen international cooperation, coordination and information sharing.
This report contains a review with proposals to update the FSB’s high-level recommendations of October 2020 for the regulation, supervision, and oversight of “global stablecoin” arrangements.
This statement outlines work being undertaken by the FSB and international standard-setting bodies to address the potential financial stability risks posed by crypto-assets, including so-called stablecoins.
16 February 2022
This report provides the FSB’s view on recent developments in crypto-asset markets and their implications for global financial stability.
This report provides a status update on implementation progress of the FSB high-level recommendations for Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements.
High-level recommendations that promote coordinated and effective regulation, supervision and oversight of global stablecoin arrangements.
Consultation on recommendations to address the challenges of “global stablecoin” arrangements.
18 October 2019
FSB workplan on stablecoins.
Report to the G20 on work to address risks from crypto-assets.
5 April 2019
A directory of the regulators and other authorities dealing with crypto-assets in FSB member jurisdictions and international bodies.
Monitoring framework with metrics that will be used to monitor financial stability implications of crypto-asset markets.
