Issue International standards for stablecoins issued outside bank supervision

Summary

Stablecoins differ widely in size, adoption and how tightly they are woven into the financial system, which creates room for new regulatory frameworks, especially for cross-border payments. Two of the largest coins represent around 90% of a $312 billion market that now links crypto trading, tokenised assets and payment systems. International coordination is needed to agree standards for reserves, redemption, anti-money laundering and counter-terrorist financing, monitoring, stress-testing and interoperability. Such rules must reflect the borderless character of stablecoins and the growing role of non-bank issuers that operate without the oversight applied to banks. The gap is pressing because an estimated $129 billion in stablecoins, 84% of $154 billion in illicit transactions and about 41% of year-end market value, was linked to illicit activity in 2025.