FSB Chair Urges Global Regulatory Cooperation on Stablecoins and Private Credit

According to PANews, Andrew Bailey, the Chair of the Financial Stability Board (FSB), has called for enhanced global regulatory collaboration in response to the rapid growth of private credit markets and stablecoins. In a letter to G20 leaders, Bailey warned that differences in national regulatory and prudential frameworks for stablecoins could heighten systemic risks. He advocated for the establishment of cross-border compliance mechanisms to address these challenges. Additionally, Bailey highlighted the slow progress of major economies in implementing the Basel III global banking capital standards, urging attention to this issue.