According to Foresight News and reports from CoinDesk, the new chair of the Financial Stability Board (FSB) and Bank of England Governor Andrew Bailey stated in an open letter to the G20 that assessing the role of stablecoins in payment and settlement will become a priority for the FSB. After taking office in July, Bailey emphasized that before the G20 summit, the FSB needs to continue promoting the implementation of stablecoin regulatory recommendations and strengthen cross-border regulatory cooperation.
The agency introduced regulatory rules for stablecoins in 2021 to prevent their impact on the global economy, and last year announced it would conduct in-depth research on the risks associated with the application of stablecoins in emerging markets. Bailey recently warned in an interview with The Times that self-developed stablecoins by investment banks could undermine credit creation and monetary policy control. As the market size of stablecoins reaches new heights, global regulatory efforts continue to escalate, and the U.S. Senate has passed the GENIUS Stablecoin Act.