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BIS General Manager Calls International Coordination on Stablecoins Critical

BIS General Manager Calls International Coordination on Stablecoins Critical

Speaking in Tokyo, BIS President Pablo Hernandez de Cos said stablecoin market growth to $315 billion and concentration among Tether and Circle reinforce the need for coordinated cross-border regulation.

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Fact Check
The claim is strongly supported by the official BIS speech PDF and Reuters' contemporaneous reporting. The BIS speech 'Introduction' explicitly describes macro-financial risks from widespread stablecoin adoption, including disruption to banking, effects on monetary policy transmission, and financial integrity/regulatory evasion concerns. Reuters' article 'ステーブルコインの国際協調「極めて重要」、ＢＩＳ総支配人が訴え' directly attributes to Pablo Hernández de Cos the statement that international coordination on stablecoins is critically important and frames the concern around fragmentation and regulatory arbitrage. crypto.news is secondary but consistent and points back to the BIS speech. The only slight caveat is that the BIS speech excerpt available here is broader than the exact Reuters wording about U.S. dollar stablecoins specifically; however, Reuters directly supplies that narrower formulation for the same event.
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Summary

BIS President Pablo Hernandez de Cos said international coordination on stablecoin regulation is critical, warning in Tokyo that diverging national rules could cause severe market fragmentation and regulatory arbitrage. He said the stablecoin market has reached $315 billion in capitalization, underscoring its growing systemic relevance. The update also highlighted market concentration, with Tether and Circle accounting for about 85% of global circulating stablecoin supply, adding to BIS concerns over the cross-border risks and financial stability implications of the sector’s rapid expansion.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a relatively stable value, often by being pegged to a fiat currency such as the U.S. dollar.
  • Regulatory arbitrage: The practice of exploiting differences between jurisdictions’ rules to gain advantage or avoid stricter regulation.