The statements from Nott, whose term as head of the council ends this month, reflect a shift in the official perspective towards digital currencies. A turning point in risks. The Financial Stability Board has long emphasized that cryptocurrencies have not posed a systemic risk to the financial system so far, yet recent developments have led Nott to believe that we "may be approaching a turning point". He particularly pointed out that stablecoin issuers "now hold large amounts of U.S. Treasury bonds, which is an asset class that we need to monitor closely.