Financial Stability Board Chair Andrew Bailey stated that cross-border cooperation on stablecoins is still in its infancy despite the sector's rapid expansion. The FSB estimates the current stablecoin market at approximately $300 billion, highlighting significant gaps in international regulatory coordination for digital assets used across borders. The board's assessment reveals that 99% of the stablecoin market remains tied to the U.S. dollar, underscoring the dominance of USD-denominated tokens in the global crypto ecosystem. Bailey's remarks signal ongoing challenges for regulators seeking to establish unified frameworks for an asset class that has grown substantially but lacks mature cross-border oversight mechanisms.