Financial Stability Board on 300 billion dollars in stablecoins: “untested in severe stress and insolvency”

The Financial Stability Board delivered a status report on stablecoins to the G20 on 12 October 2026, and its central finding is an uncomfortable one: “Global stablecoins and national regulatory frameworks remain untested in severe stress and insolvency.” That is not a description of an acute problem today, but of an open flank. Nobody knows what happens when a large issuer fails and holders in dozens of countries want their money back at the same time. If you hold stablecoins in Germany, this is not an abstract debate from Basel.