FSB raises pressure on stablecoins as firms abandon libra

Several major payment firms have distanced themselves from the project amid regulatory scrutiny

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Stablecoins could come to pose systemic risks, says the FSB

The Financial Stability Board (FSB) is investigating possible regulatory gaps that could be exploited by stablecoins – price-stabilised virtual currency – ratcheting up the pressure as several major backers of the libra project drop out.

In a letter to finance ministers and central bank governors, FSB chair Randal Quarles said a working group would investigate any necessary regulatory actions around stablecoins.

“The group’s work should inform policy approaches that harness the benefits of

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