The Financial Stability Board (FSB) has highlighted the need for close monitoring of the rapid expansion in private credit markets and stablecoins. In a letter to G20 leaders, FSB Chair Andrew Bailey emphasized the importance of modernizing global financial regulation without compromising stability. He noted the rising significance of non-bank financial intermediaries. The letter also called for accelerated reforms in cross-border payments and the establishment of a robust regulatory framework for stablecoins, warning that regulatory discrepancies across jurisdictions could pose additional risks.