JUST IN: The FinStbBoard wants to slash cross-border payment costs - and now asks if stablecoins could help. jackschickler reports
Global payment standard-setters want to slash the cost of sending money abroad – and on Monday, an intergovernmental group announced that they’ll be looking at whether stablecoins can help.
The Committee on Payment and Market Infrastructures, an international body that sets norms for the sector, has said it wants to probe the case for cryptos that seek to maintain value against fiat further in the coming months, according to a report published by the Financial Stability Board, an international entity tasked with monitoring the global financial system supported by central banks and finance ministries worldwide.
The CPMI “is considering whether and how the use of well-designed and risk-managed SAs [stablecoin arrangements] could enhance cross-border payments by addressing existing frictions,” the FSB said, with outcomes to be finalized by the end of this year. “As the stablecoin sector is evolving rapidly with potential to have an impact at global scale, close attention will be required around risk management,” the report added.
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