[FSB: "Cross-border Crisis Response Frameworks for Stablecoins Inadequate"] The Financial Stability Board (FSB), an international organization responsible for financial regulation, has warned that a large-scale redemption crisis involving stablecoins could spread to traditional financial markets. According to Cointelegraph, the FSB pointed out, "If stablecoin holders demand redemptions all at once, the shock could spread to traditional financial markets as issuers hastily sell off reserve assets or withdraw bank deposits. In particular, for stablecoins involving multiple issuers, there is a risk that redemption requests will be concentrated on a specific issuer, while reserve assets are dispersed across several countries." In this regard, FSB Chairman Andrew Bailey stated in a letter sent to the G20, "Cross-border supervision and crisis response frameworks for stablecoins are still inadequate or have not been established. Furthermore, cyber attacks utilizing artificial intelligence (AI) could weaken the resilience of major financial institutions and market infrastructure." Meanwhile, according to the FSB's 2025 survey, only 11 out of 28 countries and regions had established stablecoin regulations.