Financial Stability Board Chairman Lists Stablecoins as a Key Topic Ahead of G20 Summit

PANews reported on July 15 that according to CoinDesk, Andrew Bailey, the new chairman of the Financial Stability Board (FSB) and governor of the Bank of England, said in an open letter to the G20 that evaluating the role of stablecoins in the field of 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 to promote the implementation of stablecoin regulatory recommendations and strengthen cross-border regulatory cooperation. The agency issued stablecoin regulatory rules in 2021 to prevent its impact on the global economy, and announced last year that it would conduct in-depth research on the application risks of stablecoins in emerging markets. In a recent interview with The Times, Bailey warned that investment banks' self-developed stablecoins may weaken their ability to create credit and regulate monetary policy. As the size of the stablecoin market breaks through new highs, global regulatory efforts continue to escalate, and the US Senate has passed the GENIUS Stablecoin Act.