#fsb警告跨境稳定币监管仍不完善
Stablecoin market capitalization has surged from $206 billion to $306 billion in a year, yet global regulators have admitted that stablecoins have never been through a real crisis 🦖
⚖️ ⏰ 消息群里第一时间说
The Financial Stability Board (FSB) has just published a report stating plainly that cross-border stablecoin rules have yet to be tested in a severe market crisis. If an issuer runs into trouble, holders may not know who to turn to for redemption—or which country’s laws apply.
First, let’s look at the numbers. At the start of 2025, the total market capitalization of stablecoins was about $206 billion. It has now grown to $306 billion—an increase of a full $100 billion in just over a year. The vast majority are pegged to the U.S. dollar. The market keeps growing, but the rules meant to underpin it are still fragmented, with each jurisdiction doing its own thing.
The report singles out one especially risky setup: the multi-issuer model. Affiliated companies can issue the same stablecoin and share responsibility, while holding their reserve assets across different jurisdictions. If holders can redeem with any company in the group, demand could end up concentrated at one issuer, while the assets that can actually be liquidated are held in another country. In a crisis, moving the money out would only get harder ⚠️
The second timing mismatch is even more serious. Stablecoins trade 24/7, all year round, but the markets for the assets backing them have set trading hours. If a run begins, redemptions may not keep pace with sell-offs, and the coin could lose its peg. That could force issuers to sell reserves and then withdraw deposits from banks—allowing the shock to spill from crypto into the traditional financial system 💥
FSB Chair Andrew Bailey, who is also the Governor of the Bank of England, put it bluntly in his accompanying letter: stablecoins are inherently cross-border, but regulatory progress varies enormously from country to country, and cross-border cooperation is still in its infancy. The report also acknowledges that its recommendations are not legally binding; their implementation depends on member countries taking action voluntarily 🏦
The timing matters, too. The report was released just days before this month’s G20 finance ministers’ and central bank governors’ meeting on the 15th—effectively putting the list of risks on the table in advance.
In other words, this isn’t an attack on stablecoins. It’s a reminder of a simple point: the market has grown by $100 billion, but there are virtually no mechanisms that have actually been tested in a crisis. The faster it grows, the more closely we should watch the parts that haven’t been put to the test.
What do you think is the biggest risk for stablecoins: losing their peg, or redemptions getting blocked during a crisis? Share your thoughts in the comments.
Tap the profile picture to watch the livestream.
Every day, we keep you up to date on stablecoins and global regulatory developments. We don’t just report what’s happening—we help you understand the logic and opportunities behind it 👀🚀
Stablecoin market capitalization has surged from $206 billion to $306 billion in a year, yet global regulators have admitted that stablecoins have never been through a real crisis 🦖
⚖️ ⏰ 消息群里第一时间说
The Financial Stability Board (FSB) has just published a report stating plainly that cross-border stablecoin rules have yet to be tested in a severe market crisis. If an issuer runs into trouble, holders may not know who to turn to for redemption—or which country’s laws apply.
First, let’s look at the numbers. At the start of 2025, the total market capitalization of stablecoins was about $206 billion. It has now grown to $306 billion—an increase of a full $100 billion in just over a year. The vast majority are pegged to the U.S. dollar. The market keeps growing, but the rules meant to underpin it are still fragmented, with each jurisdiction doing its own thing.
The report singles out one especially risky setup: the multi-issuer model. Affiliated companies can issue the same stablecoin and share responsibility, while holding their reserve assets across different jurisdictions. If holders can redeem with any company in the group, demand could end up concentrated at one issuer, while the assets that can actually be liquidated are held in another country. In a crisis, moving the money out would only get harder ⚠️
The second timing mismatch is even more serious. Stablecoins trade 24/7, all year round, but the markets for the assets backing them have set trading hours. If a run begins, redemptions may not keep pace with sell-offs, and the coin could lose its peg. That could force issuers to sell reserves and then withdraw deposits from banks—allowing the shock to spill from crypto into the traditional financial system 💥
FSB Chair Andrew Bailey, who is also the Governor of the Bank of England, put it bluntly in his accompanying letter: stablecoins are inherently cross-border, but regulatory progress varies enormously from country to country, and cross-border cooperation is still in its infancy. The report also acknowledges that its recommendations are not legally binding; their implementation depends on member countries taking action voluntarily 🏦
The timing matters, too. The report was released just days before this month’s G20 finance ministers’ and central bank governors’ meeting on the 15th—effectively putting the list of risks on the table in advance.
In other words, this isn’t an attack on stablecoins. It’s a reminder of a simple point: the market has grown by $100 billion, but there are virtually no mechanisms that have actually been tested in a crisis. The faster it grows, the more closely we should watch the parts that haven’t been put to the test.
What do you think is the biggest risk for stablecoins: losing their peg, or redemptions getting blocked during a crisis? Share your thoughts in the comments.
Tap the profile picture to watch the livestream.
Every day, we keep you up to date on stablecoins and global regulatory developments. We don’t just report what’s happening—we help you understand the logic and opportunities behind it 👀🚀