The Financial Stability Board delivered a five-page note to the G20 on October 12, estimating the global stablecoin market at about $300 billion in mid-2026, with 99% backed by the dollar. The FSB acknowledges that regulators rely primarily on private data aggregators whose differing methods create discrepancies and comparability risks, while the pseudonymity of blockchains often makes it impossible to identify holders or locate transactions. Issuers may not know who holds their liabilities, while multi-issuer stablecoins expose the system to redemption concentrations at entities with insufficient or inaccessible reserves in other jurisdictions. The regulator proposes common metrics, stronger cross-border cooperation and improved data collection with the industry, but sets no reporting deadline and issues no new recommendations. The note follows the IMF’s publication of a dashboard covering 188 countries and comes as the United States finalizes implementation rules for the GENIUS Act.
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