G7 finance ministers, meeting in Bangkok on October 15 under the chairmanship of Roland Lescure and Banque de France governor Emmanuel Moulin, agreed to organize cyberattack simulations using frontier AI models to test the resilience of the global financial system. The final communiqué made no mention of cryptocurrencies or stablecoins, with the issue left to the Financial Stability Board (FSB), chaired by Andrew Bailey. The stablecoin market stands at approximately $300 billion as of mid-2026, with 99% backed by the US dollar, but the FSB notes that cooperation among regulators “is still in its infancy” and some issuers are operating in poorly regulated jurisdictions. Three workstreams were announced: monitoring indicators for cross-border flows, improved information sharing between authorities, and work on managing issuer bankruptcy.
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