Pablo Hernandez de Cos

"Without it, 'divergent regulatory frameworks for stablecoins across jurisdictions could lead to severe market fragmentation or enable harmful regulatory arbitrage.'"

"'Runs' on stablecoins could trigger market stress although that risk could be 'much reduced' if stablecoin issuers had access to deposit insurance-type arrangements."

"the potential of stablecoins to undermine monetary and fiscal policy, cause financial market stress and hamper the fight against illicit financing, meant global coordination was of 'critical importance'."

"'runs' on stablecoins could trigger market stress, although that risk could be 'much reduced' if stablecoin issuers had access to deposit insurance-type arrangements or central bank lending facilities."