Stablecoin Regulation: FSB Flags Cross-Border Risks as Market Holds Near $300 Billion

The Financial Stability Board (FSB) flagged fresh cross-border risks in the global stablecoin market on October 12, warning that stablecoin rules have never been tested in a severe market crisis. In a new monitoring note, the international standard-setter for financial regulation put the sector’s value at roughly $300 billion, essentially unchanged from a year earlier, with 99% of that value pegged to the US dollar. Its central message is that stablecoins are an inherently cross-border and cross-sectoral issue, and that no single jurisdiction can fully assess or address the vulnerabilities on its own.