At the same time, stablecoins can affect the conduct and transmission of monetary policy and may have implications for the functioning of the international monetary system. Global stablecoin arrangements now under discussion could impact the safety and efficiency of market infrastructures and payments or pose risks to financial stability.
Stablecoin arrangements also raise challenges related to anti-money laundering and terrorist financing, consumer protection, data privacy and other issues. They must therefore be appropriately designed and operated in accordance with public policy objectives and they must comply with the relevant regulatory, oversight and prudential standards under the “same business, same risk, same rules” principle before they go live.