Stablecoins are global. Their oversight still stops at borders

A dollar stablecoin can change hands across borders and blockchains at any hour. Its issuer may hold reserve assets in one jurisdiction while users trade the token in several others. An October 12 Financial Stability Board note says the resulting obligations and flows are difficult for any single authority to observe. The missing information becomes consequential when a token trades below its peg and users seek redemption from whichever entity can pay. The Financial Stability Board’s nine page G20 note is more specific than a general warning about stablecoins.

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