• The FSB reportedly found that global stablecoins and national rules have not been tested under severe stress or issuer insolvency.
• Multi-issuer structures are flagged as higher risk because liability, reserves and applicable insolvency law can sit in different countries.
• Stablecoins trade around the clock while reserve-asset markets do not, which could cause a token to lose its peg during a run.
• The recommendations are not legally binding, but FSB members usually commit to implementing agreed standards nationally.
• The G20 finance ministers and central bank governors meet on October 15, days after the report.

The Financial Stability Board has warned that global stablecoins and the national rules around them remain untested in a crisis, and it is asking authorities to share more information across borders and to plan for an issuer failure. The details below follow CoinDesk's report on the document, published October 12, 2026. The FSB's own earlier framework, issued in October 2020, already stressed cross-border cooperation and information sharing, so the new emphasis is on whether that cooperation works in practice.

What the FSB found

The Financial Stability Board concluded that global stablecoin arrangements and the national rules governing them have not been tested under severe market stress or issuer insolvency, according to CoinDesk's report. National frameworks are also developing at different speeds, which leaves open how holders would recover funds if an issuer failed. The recommendations are not legally binding, though members usually commit to implementing agreed standards nationally.

Why multi-issuer structures matter

The report reportedly singles out multi-issuer structures as carrying higher risk. Affiliated companies can issue the same token and share liability while holding reserves in different jurisdictions. In a run, redemption demand can concentrate on one entity while the assets needed to meet it sit elsewhere, and it may be unclear which country's insolvency rules apply. The mechanism is a legal mismatch rather than a technical one, and it is hardest to resolve before a failure.

The timing mismatch with reserve assets

CoinDesk reports the FSB flagged a timing mismatch: stablecoins trade around the clock, but the markets for their reserve assets do not, so a token could lose its peg during a run. Forced reserve sales and bank deposit withdrawals could carry a shock into traditional markets. Deep secondary markets could help restore the peg through arbitrage. Pseudonymous transactions also make it hard to establish where holders are, which weakens the data supervisors would need.

What to watch next

The next visible checkpoint is the G20 finance ministers and central bank governors meeting on October 15, days after the report. Andrew Bailey, the FSB chair, wrote that cross-border cooperation in this area is "still in its infancy", per CoinDesk. Issuers, banks holding reserves and payment firms should expect questions on holder location and reserve custody; that expectation is our inference, not a statement in the report. CoinDesk puts the market at $306 billion, up from about $206 billion at the start of 2025.