Stablecoins Could Trigger Bank Runs in Crises, IMF Warns
The IMF's warning is not about solvency but velocity: in a panic, dollar stablecoins let holders race for the exit faster than any bank can process withdrawals, and reserves may not keep pace.
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The IMF's warning is not about solvency but velocity: in a panic, dollar stablecoins let holders race for the exit faster than any bank can process withdrawals, and reserves may not keep pace.
The one-year rulemaking clock triggers the full compliance stack under the law, and at roughly $15M a year for audits, legal, and AML, the bill crushes a $200M issuer while barely denting a $10B one.
The action signals that stablecoin issuers are now functioning as active nodes in the global sanctions enforcement network, not passive bystanders.
The third-reading passage hands the FSC licensing authority over crypto exchanges and stablecoin issuers, drawing the regulatory line Taipei spent five years drafting.
The UK's final regime lands lighter than the 2023 draft on the regulated-activity perimeter but harder on issuer capital, with a stablecoin issuance cap and a designated supervisor handed to the FCA.
Asia's policy week ran the full spectrum: a sovereign mining pool in Oman, a BoJ rate hike tightening regional liquidity, and four regulators moving on exchanges and stablecoins.
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