[G20 Financial Stability Board Calls for Strengthened Global Regulation of Private Credit and Stablecoins]
Andrew Bailey, Chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of private credit markets and stablecoins requires enhanced global regulatory collaboration. He warned that differences among countries in stablecoin regulation and prudential frameworks could increase systemic risks and called for the establishment of cross-border compliance mechanisms. Additionally, he emphasized that the slow progress of major economies in implementing the Basel III global banking capital standards warrants attention.