FSOC warns stablecoins, especially Tether, could cause financial problems without better risk management.
The council calls for clear federal rules to reduce risks and improve transparency.
FSOC urges Congress to act quickly to prevent issues from unregulated stablecoins.
The U.S. Financial Services Oversight Council has issued a stark warning in its 2024 annual report. Which is emphasizing the potential risks that stablecoins pose to the financial system’s stability.
FSOC Warns of Stablecoin Risks
The FSOC’s report, published on December 6. Which highlighted that stablecoins remain “acutely vulnerable to runs” without proper risk management standards.
One of the main concerns raised by the council is the market concentration of stablecoins. Tether (USDT), the largest stablecoin, accounts for around 66.3% of the total stablecoin market capitalization, valued at $205.48 billion. With such a significant market share. The failure of Tether could lead to substantial di
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