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The Chair of the Financial Stability Board has listed stablecoin as a key topic ahead of the G20 summit.
According to Mars Finance, Andrew Bailey, the new chairman of the Financial Stability Board (FSB) and the Governor of the Bank of England, stated in an open letter to the G20 that assessing the role of stablecoins in payment 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 advance the implementation of stablecoin regulatory recommendations and strengthen cross-border regulatory cooperation. The FSB proposed rules for regulating stablecoins in 2021 to prevent them from disrupting the global economy. The agency stated last year that it would further study the challenges posed by stablecoins to emerging and developing economies with higher adoption rates.