The new chair of the Financial Stability Board (FSB), Andrew Bailey, isnāt wasting time. Just weeks into his role, heās making stablecoins his top priority ahead of this weekās big G20 meeting šļø.
Baileyās big concern? Stablecoins might mess with how money works on a global scale. Heās all for tighter rules and ongoing monitoringāespecially in countries where adoption is booming. š
He even warned big banks not to go launching their own coins, hinting that too many stablecoins could break stuff like credit creation and monetary control š¬.
With the U.S. Senate passing its āGENIUSā stablecoin bill and stablecoin market caps flying high š, global regulators are clearly watching this space like hawks. Whether youāre in #DeFi or TradFi, this affects you.
š” Why it matters: Stablecoins are no longer just for crypto nerdsātheyāre shaping the future of how we pay, save, and settle. Fast.
#Stablecoins #FSB #G20 #CryptoRegulation #BinanceSquare #Web3 #GENIUSBill