TechFlow reports that on April 20, Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated that global coordination on stablecoin regulation is critical to preventing severe market fragmentation; otherwise, regulatory differences across jurisdictions could trigger regulatory arbitrage. He noted that stablecoins—typically pegged 1:1 to the U.S. dollar—may undermine monetary and fiscal policy, exert stress on financial markets, and hinder efforts to combat illicit finance. Currently, the two largest stablecoins, issued by Tether and Circle, account for approximately 85% of the global $315 billion stablecoin circulation. He also remarked that these stablecoins resemble securities more than currencies—particularly regarding redemption friction—and operate more like ETFs.
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