Global Stablecoin Arrangements: Cross-Border Vulnerabilities and Financial Stability Monitoring (Financial Stability Board)

Summary

• As of mid-2026, the total market value for stablecoins stands at around $300 billion.p.2
• By value, 99 per cent of stablecoins are pegged to the US dollar.p.2
• Global stablecoins circulate on secondary markets as pseudonymous tokens accessible 24/7.p.2
• The analysis builds on the FSB's 2023 high-level recommendations and the 2025 thematic peer review.p.1
• The FSB previously identified digital asset data gaps in its October 2024 status report.p.4
• Stablecoin reserve assets and legal protections often remain anchored in specific jurisdictions while tokens remain internationally mobile.p.2

Key insights

1. Global stablecoins present cross-border vulnerabilities that limit the ability of any single jurisdiction to fully assess or mitigate risks alone.p.1
2. A run on a global stablecoin could spill over into traditional finance through reserve asset fire sales and banking deposit withdrawals.p.2
3. Multi-issuer stablecoin arrangements face cross-border frictions when rebalancing reserve assets during market stress.p.3
4. Emerging market and developing economies face heightened vulnerabilities from currency substitution and bank disintermediation.p.3
5. Uncertain cross-border regulatory interactions have facilitated complex corporate structures and potential regulatory arbitrage.p.3
6. Authorities rely heavily on private data compilers using proprietary methods, creating data comparability and credibility risks.p.4
7. Structural limitations such as blockchain pseudonymity hinder the attribution of stablecoin flows to specific geographies and uses.p.4