Fintech, Stablecoins, Cross-Border Payments on FSB’s 2020 Agenda

The Financial Stability Board released its 2020 work program today. Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.

The FSB will also continue its work evaluating the post-financial crisis regulatory framework, including reviewing the effects of reforms to ensure no bank is too big to fail and policies affecting money market mutual funds. The Basel, Switzerland-based FSB is made up of regulatory and market authorities in 25 jurisdictions worldwide and chaired by Federal Reserve Vice Chairman for Supervision Randal Quarles.