Application of the Principles for Financial Market Infrastructures to stablecoin arrangements

View the Standard: CMPI, IOSCO

This report provides guidance on the application of the Principles for Financial Market Infrastructures (PFMI) to systemically important stablecoin arrangements (SAs) that perform the transfer function/that transfer stablecoins given their novel features, in application of the principle “same risk, same regulation”.

This report does not establish additional standards for FMIs beyond those already set out in the PFMI. Instead, the guidance is intended to be supplemental to the PFMI, elaborating on the application of the PFMI to stablecoin arrangements related to: (i) governance; (ii) framework for the comprehensive management of risks; (iii) settlement finality; and (iv) money settlements. The guidance also provides considerations to assist authorities in determining whether a stablecoin arrangement is systemically important.