TechFlow news, July 15 — According to CoinDesk, in a letter sent to the G20 on Monday, Financial Stability Board (FSB) Chair and Bank of England Governor Andrew Bailey stated that assessing the role of stablecoins in payments and settlements will be a key focus for the FSB. He said the FSB should continue implementing the agreed-upon stablecoin recommendations and monitor developments across jurisdictions in this area.
The FSB introduced regulatory rules for stablecoins in 2021 to prevent them from disrupting the global economy. Last year, the organization said it would further study the challenges stablecoins pose to emerging and developing economies with high adoption rates.
Recently, in an interview with The Times, Bailey warned global investment banks against developing their own stablecoins, arguing that such moves could undermine credit creation and monetary policy control. As the U.S. Senate passes the GENIUS stablecoin bill and the stablecoin market reaches record size, global regulators' attention to stablecoins continues to grow.
