Stablecoin rules are ‘diverse and fragmented’, FSI paper warns
BIS institute says it is “critical to align national regulatory frameworks”
Regulatory frameworks designed to tackle risk from stablecoins are “diverse and fragmented”, the Financial Stability Institute (FSI) warns.
The institute, part of the Bank for International Settlements (BIS), reviewed stablecoin regulations adopted or proposed in 11 jurisdictions.
Stablecoins are designed to maintain their value by backing their tokens with a pool of reserve assets. But ratings agency Moody’s found over 600 stablecoins had broken their pegs in 2023, authors Juan Carlos Crisanto
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