Crypto Law Profile

FSB Global Stablecoin Recommendations (2023)

FSB’s 2023 final, non-binding global recommendations for authorities supervising global stablecoin arrangements, including governance, oversight, disclosures, redemption, reserves, and cross-border cooperation.

International In force Global standard

At a glance

Instrument Non-binding FSB global standard for supervision of global stablecoin arrangements.
Publication date Final revised recommendations published by the FSB on July 17, 2023.
Scope Applies to GSCs and stablecoins with potential to become GSCs; CBDCs are excluded.
Implementation FSB’s 2025 review found GSC implementation lagging and uneven across jurisdictions.

Overview

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.

Key provisions

Regulatory powers and readiness

Authorities should have powers, tools, resources and enforcement capacity to regulate, supervise and oversee GSC arrangements.

Perimeter Source

Functional and comprehensive oversight

Oversight should apply on a functional, risk-proportionate basis consistent with international standards and same-activity principles.

Supervision Source

Cross-border cooperation

Authorities should coordinate domestically and internationally through flexible information-sharing and supervisory arrangements.

Cooperation Source

Governance accountability

GSC arrangements should disclose governance frameworks with clear responsibility and identifiable accountable entities or persons.

Governance Source

Risk management and data

Risk frameworks should address operational resilience, cyber security, AML/CFT, liquidity, continuity planning and supervisory data access.

Risk Source

Recovery and resolution planning

Authorities should require recovery, resolution or orderly wind-down planning for GSC arrangements and critical functions.

Resolution Source

Disclosures to users

Issuers and relevant participants should disclose governance, conflicts, redemption rights, stabilisation, operations and financial condition.

Disclosure Source

Redemption and reserve quality

Users should have legal claims and timely redemption; reserve-based GSCs should hold conservative, high-quality, highly liquid assets.

Redemption Source

Pre-operation conformance

GSC arrangements should meet applicable requirements in a jurisdiction before commencing operations there.

Licensing Source

Timeline

  1. Original FSB GSC recommendations

    FSB published the original 10 high-level recommendations for global stablecoin arrangements.

    Enacted Source
  2. Consultative review published

    FSB opened consultation on proposed revisions to the global stablecoin recommendations.

    Under consultation Source
  3. Final revised recommendations

    FSB published the final revised recommendations as part of its global crypto framework.

    Enacted Source
  4. Implementation review findings

    FSB reported progress but significant gaps and lagging GSC implementation across jurisdictions.

    Enacted Source

Who it affects

Actors

Financial Stability Board, G20

Asset classes

Stablecoins

Official sources

Editorial note

This profile covers a non-binding FSB global standard, not a statute or directly enforceable domestic law. Domestic legal effect depends on implementation by individual jurisdictions.