CoinMeta data: The Financial Stability Board ( FSB ) warns that cross-border stablecoin regulations have not been tested in severe market crises and may expose vulnerabilities in cross-border financial rules. FSB states in a report that global stablecoins (cryptocurrencies whose value is pegged to fiat currencies) have not been tested under severe stress or bankruptcy scenarios, and the varying speed of regulatory framework development across countries leads to questions about how holders can recover their funds in the event of issuers' bankruptcy. The market value of stablecoins was approximately $206 billion at the beginning of 2025 and has now grown to $306 billion. FSB also calls for enhanced cross-border information sharing, monitoring, and planning for potential stablecoin crises or failures.