The Financial Stability Board (FSB) warned that stablecoins could expose gaps in cross-border financial rules during a market crisis and remain untested in such a scenario. The G20's financial watchdog called for more cross-border information sharing, monitoring, and planning for stablecoin distress or failure. The report highlights higher risks in multi-issuer structures where reserves might be trapped in one jurisdiction while redemption demands hit another, complicating cross-border crisis response. FSB Chair Andrew Bailey noted that national regulatory frameworks are developing at different speeds, and cross-border cooperation is still in its infancy. The stablecoin market has grown from $206 billion at the start of 2025 to $306 billion, mostly pegged to the U.S. dollar. The report comes days ahead of the G20 finance ministers and central bank governors' Oct. 15 meeting.