Financial Stability Board: Immature regulatory mechanism for cross-border stablecoins, AI threat to financial network security

The Financial Stability Board (FSB) has stated that the regulatory and crisis management mechanisms for cross-border stablecoins are still immature or not yet established. Chairman Andrew Bailey pointed out that only 11 out of 28 jurisdictions have completed the construction of stablecoin regulatory frameworks. The FSB warns that stablecoin runs may spread to traditional financial markets, and European Central Bank (ECB) President Christine Lagarde has warned of similar risks. The FSB has identified relevant practices for responsible adoption of AI in the financial sector. Andrew Bailey stated that complex cyber attacks driven by AI may weaken the resilience of financial institutions and market infrastructure. The FSB has submitted relevant letters to the G20 Finance Ministers and Central Bank Governors Meeting.