The Financial Stability Board puts stablecoins at about $300 billion as of mid-2026, "essentially unchanged from a year earlier." Its note to finance ministers singles out arrangements that split reserves across countries.
For all the talk of a stablecoin boom, the world's main financial-stability coordinator says the market has gone sideways for a year.
"As of mid-2026, the total market value for stablecoins is around $300 billion, essentially unchanged from a year earlier, with 99 per cent (by value) pegged to the US dollar," the Financial Stability Board wrote in a note published Monday.
The note accompanies a letter from FSB Chair Andrew Bailey to Group of 20 finance ministers and central bank governors, who meet in Bangkok on Thursday. The letter also flags volatility in government bond markets, weaknesses in private credit and risks related to artificial intelligence.
The Cross-border Concern
The FSB's main structural worry is how global stablecoins are organized. It describes arrangements in which "affiliated issuers jointly share liability for a single global stablecoin but hold separate reserves, whose rebalancing may face frictions during stress."
In plain terms, a token sold around the world may be backed by reserves held in several countries. If holders in one country rush to redeem, the reserves they need may sit in another jurisdiction, under different rules, and moving them could take time when it matters most. The note does not name any issuer as an example.
The FSB did not propose new rules. It called for better monitoring of cross-border vulnerabilities, more information sharing among authorities and fuller implementation of the recommendations it issued in 2023.
Flat, By One Measure
The $300 billion figure is a mid-year snapshot. It may not match the totals published by industry trackers, which use different definitions and update daily. Even so, the official count undercuts the idea that supply has been expanding rapidly through 2026.
Nearly the entire market is tied to the dollar, which means the cross-border question is mostly about how dollar tokens are held and redeemed outside the U.S.
Market Implications
One reading is that the note previews tighter international coordination. With the G20 meeting days away and the FSB naming specific structures, authorities may push for common standards on where reserves sit and how redemptions are honored.
A second reading is that it is routine monitoring. The FSB made no new recommendations, set no deadlines and described growth as flat, which does not suggest regulators see an emergency.
What To Watch
The G20 communiqué after Thursday's meeting will show whether ministers commit to any cross-border standard on reserves or redemption. Quarterly reports from listed stablecoin issuers, including Circle on Nov. 4, will show whether issuer-level growth diverges from the FSB's flat total.