The Financial Stability Board warned on October 12, 2026 that crisis-management frameworks for global stablecoin arrangements remain largely untested under severe stress or insolvency conditions. The institution identified structural gaps in existing regulatory frameworks and specifically singled out multi-issuer structures, citing Circle’s USDC and Paxos Global Dollar as examples. The stablecoin market was valued at approximately $300 billion as of mid-2026, with 99% pegged to the US dollar. Only 11 out of 28 jurisdictions surveyed had completed stablecoin regulatory frameworks by 2025. The FSB is calling for better cross-border data sharing between authorities and full adoption of its 2023 recommendations.
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