FSB Chairman lists stablecoins as G20 focus

On July 15th, the newly appointed Chairman of the Financial Stability Board and Governor of the Bank of England, Bailey, sent a letter to the G20, prioritizing the assessment of the role of stablecoins in payment settlement for the FSB. The FSB will promote the implementation of the 2021 stablecoin regulatory recommendations and strengthen cross-border cooperation before the G20 summit. Bailey recently warned investment banks that developing their own stablecoins may weaken the transmission of monetary policy. The US Senate has passed the GENIUS stablecoin bill, and global regulation is becoming stricter.