The Financial Stability Board (FSB) under the G20 has highlighted increasing risks associated with stablecoins, despite the limited impact of the crypto market on the financial system in 2025.

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According to the FSB, in 2025, crypto assets exhibited significant volatility. However, their influence on global finance remained minimal, despite growing connections with traditional markets.

At the same time, the capitalization and transaction volume of stablecoins increased. Yet, their real-world usageā€”such as in paymentsā€”remained low.

Key Risks of Stablecoins

Despite their potential benefits, stablecoins pose several vulnerabilities that require monitoring:

  • liquidity and reserve stability risks;
  • operational risks of infrastructure;
  • increased interconnections with the traditional financial system.

Experts from the advisory body paid special attention to global tokens operating across multiple jurisdictions. Managing reserves in different countries can create additional complexities and heighten systemic risks.

Pressure on Emerging Economies

The FSB noted that foreign currency-denominated stablecoins pose particular risks for developing countries.

Potential consequences include:

  • displacement of national currencies and payment systems;
  • reduced effectiveness of monetary policy;
  • pressure on budgetary resources;
  • circumvention of capital control measures.

Regulatory Challenges

The FSB pointed out significant gaps and inconsistencies in the regulation of crypto assets and stablecoins. As different countries develop their own approaches, this creates additional risks for financial stability.

A review conducted in 2025 on the implementation of international recommendations revealed that while many jurisdictions have made progress in regulating the crypto market, few have completed frameworks for global "stablecoins."

Uneven implementation of regulations creates opportunities for regulatory arbitrage and complicates oversight of the global market. A further issue is the weak coordination among countriesā€”cross-border interaction mechanisms remain fragmented and insufficient.

Experts also highlighted the lack of quality data on the crypto market. Dependence on commercial sources and fragmented information hampers a comprehensive assessment of the scale of risks and vulnerabilities.

Recall that in March, the SEC excluded stablecoins from the category of securities in its new token taxonomy.