FSB Flags Run Risk in Stablecoins Backed by Affiliated Issuers

The Financial Stability Board (FSB), the Basel-based group of national financial authorities and standard setters, published a note on Oct. 12 that found “global stablecoins and national regulatory frameworks remain untested in severe stress and insolvency.” The note, submitted to G20 finance ministers and central bank governors at the request of the U.S. G20 presidency, does not set new rules. It summarizes the FSB’s ongoing work on cross-border risks and stablecoin data. The FSB put the stablecoin market at about $300 billion as of mid-2026, little changed over 12 months, and said 99% of it by value tracks the U.S.