FSB warns G20 on untested stablecoin risks, $300 billion market mostly tracks US dollar

The Financial Stability Board (FSB), an international body comprising national financial authorities and standard setters based in Basel, has released a note warning that both global stablecoins and national regulatory frameworks are untested under conditions of severe stress or insolvency. The FSB submitted its findings to G20 finance ministers and central bank governors in response to a request from the U.S. G20 presidency. The note puts the global stablecoin market at approximately $300 billion as of mid-2026, showing minimal change over the preceding year. According to the FSB, about 99% of stablecoins by value are pegged to the U.S.

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