PANews, July 15 - According to CoinDesk, Andrew Bailey, the new chairman of the Financial Stability Board (FSB) and the Governor of the Bank of England, stated in a public letter to the G20 that assessing the role of stablecoins in the payment settlement space will become a priority for the FSB. After taking office in July, Bailey emphasized that the FSB needs to continue advancing stablecoin regulatory recommendations and strengthen cross-border regulatory cooperation before the G20 summit. The organization had previously issued stablecoin regulatory rules in 2021 to mitigate their impact on the global economy and announced last year that it would conduct in-depth research on the risks associated with the use of stablecoins in emerging markets. Recently, Bailey warned in an interview with The Times that investment banks developing their own stablecoins could undermine credit creation and monetary policy control. As the stablecoin market size reaches new highs, global regulatory efforts are intensifying, and the U.S. Senate has passed the GENIUS Stablecoin Act.
