Stablecoins Come Under FSB Scrutiny At Request Of G20

Law360 (October 3, 2019, 9:48 PM EDT) -- At the request of the G20 nations, the Financial Stability Board is assessing the role that so-called stablecoins will have on the global financial system now that Facebook’s Libra project has garnered international attention and scrutiny.

Speaking at a European Banking Federation summit in Brussels on Thursday, FSB Chair Randal K. Quarles said that the G20 have asked the board to spearhead ongoing assessments of stablecoins, a type of digital asset pegged to other, more stable assets such as traditional currencies.

Coming at the end of his retrospective on the FSB’s 10-year history, Quarles said the introduction of stablecoins brings “a...

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