G20 financial regulators call for close follow-up on the development of private credit and stablecoins.

PANews, November 21 - According to a report by Reuters, Andrew Bailey, the chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of private credit markets and stablecoins urgently requires global regulatory cooperation. He warned that differences among countries in the regulation and prudential framework of stablecoins could increase systemic risks and called for the establishment of a cross-border compliance mechanism. At the same time, he emphasized that the slow progress of major economies in implementing the Basel III global banking capital standards should also be noted.