G20

The Financial Stability Board says global stablecoins and national rulebooks have not yet faced a severe stress event, leaving open questions over redemptions, reserves and insolvency. The watchdog is urging stronger cross-border information sharing, monitoring and crisis planning as stablecoin capitalization expands.

Swift is moving blockchain capabilities into its global financial messaging network as stablecoins and tokenized deposits push cross-border payments toward faster, cheaper and always-on settlement. Banks and crypto payment executives remain divided over whether shared ledgers will strengthen Swift’s role or eventually make parts of its legacy infrastructure redundant.