POPA ReconThe FSB’s warning
Global stablecoin arrangements can span jurisdictions, entities and sectors, so no single authority can fully assess or manage their cross-border vulnerabilities. During stress or insolvency, fragmented rules and unclear treatment of foreign-issued stablecoins could complicate oversight, crisis management, accountability and cooperation. Redemption pressure may arise in one jurisdiction while reserve assets sit in another, creating channels for stress to spread. Neither global stablecoins nor national frameworks have been tested in severe stress or insolvency. FSB note, 12 October 2026 ·
The data gaps
The FSB says supervisors lack reliable information to determine where stablecoins are held and used, where redemptions may occur, and where reserve assets are located. Public blockchain activity is pseudonymous, and smart-contract routing makes it hard to attribute transactions to a use or geography. Private data compilers rely on methods that can be opaque, inconsistent and difficult to compare; data may also be undisclosed or use incompatible formats and coverage. The FSB points to shared metrics, cross-border information sharing, and better practices for combining on-chain and off-chain data as areas for further work. FSB note ·
Scale
DefiPrime reports the market at around $300 billion as of mid-2026, with 99 per cent pegged to the US dollar. DefiPrime
FSB note « · » DefiPrime summary