G20 financial regulators call for close monitoring of private credit and stablecoin developments

ChainCatcher news, according to Reuters, Andrew Bailey, Chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of private credit markets and stablecoins urgently requires enhanced global regulatory cooperation. He warned that differences among countries in stablecoin regulation and prudential frameworks may increase systemic risks, and called for the establishment of cross-border compliance mechanisms. At the same time, he emphasized that the current slow progress of major economies in implementing the Basel III global banking capital standards should also be given attention.