The Financial Stability Board’s High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report is the FSB’s 2023 global standard for how authorities should regulate, supervise and oversee global stablecoin arrangements. The recommendations were published on 17 July 2023 and sit within the FSB’s broader global regulatory framework for crypto-asset activities.
The instrument is not a statute, regulation or directly binding rule. The FSB states that its policy activities and decisions do not themselves create legal rights or obligations. Instead, the recommendations are addressed to financial regulatory, supervisory and oversight authorities and are designed to be incorporated into domestic or regional frameworks where relevant. The profile should therefore be read as a legal-reference entry for a global standard, not as compliance guidance for any specific issuer, exchange, wallet provider or user.
Scope and status of the FSB stablecoin recommendations
The 2023 report revises the FSB’s 2020 high-level recommendations after an October 2022 review and public consultation. It applies to global stablecoin arrangements and stablecoins with the potential to become global stablecoin arrangements, while excluding central bank digital currencies. The FSB uses “stablecoin” as a market term rather than a separate legal classification, and its scope turns on financial stability risks, payment or store-of-value use, and cross-border reach.
As of July 2026, the recommendations remain the final FSB global stablecoin standard. A 2025 FSB thematic peer review found implementation progress across crypto-asset frameworks, but said regulation of global stablecoin arrangements was lagging and that few jurisdictions had finalised GSC frameworks. The current legal effect therefore depends on implementation by individual jurisdictions.
Key provisions for global stablecoin arrangements
Regulatory readiness and perimeter coverage
The recommendations call for authorities to have powers, tools and resources to regulate, supervise and oversee global stablecoin arrangements and enforce applicable laws. Authorities are expected to identify responsible entities and persons, address gaps in their frameworks and apply oversight to functions such as issuance, redemption, reserve management, custody, transfer and user-facing services.
Cross-border supervision and governance
The FSB places strong emphasis on cooperation among authorities because global stablecoin arrangements can involve multiple entities, sectors and jurisdictions. Cooperation may include supervisory colleges, memoranda of understanding, crisis-management channels and information-sharing arrangements. Governance frameworks should have clear responsibility and accountability, including identifiable legal entities or individuals responsible for issuance and other core functions.
Risk management, data and operational resilience
Authorities are expected to require risk-management frameworks covering operational resilience, cyber security, AML/CFT controls, liquidity risk, contingency funding, settlement finality and continuity planning. The recommendations also call for robust data systems that let authorities obtain timely and complete access to relevant information, subject to applicable data protection rules.
Disclosure, redemption and reserve quality
For users and relevant stakeholders, the recommendations highlight transparent disclosures on governance, conflicts of interest, redemption rights, stabilisation mechanisms, operations, risk management and financial condition. Recommendation 9 addresses the core stablecoin issue: users should have a robust legal claim and timely redemption, with single-fiat-currency GSCs redeemable at par into fiat. Reserve-based arrangements should use conservative, high-quality and highly liquid reserve assets, with custody and segregation protections.
Jurisdictional impact
The FSB framework is designed as a global baseline rather than a uniform code. It allows jurisdictions to use domestic legal structures and, where appropriate, apply more restrictive measures. This makes the recommendations most relevant as an international benchmark for stablecoin bills, licensing regimes, payment-system rules, banking supervision and cross-border supervisory coordination.
Status and timeline
The key timeline is: original FSB recommendations in October 2020; consultation and review in October 2022; final revised recommendations on 17 July 2023; and implementation review findings published on 16 October 2025. Editors should treat the profile as a global-standard reference and link it to jurisdiction-specific stablecoin regimes where domestic implementation has legal force.