Global financial watchdog says stablecoin market stopped growing. BIS data suggests otherwise

The Financial Stability Board (FSB), an international body coordinating financial regulation among major economies, published a new report examining the risks stablecoins could pose to the global financial system.

But one of its estimates appears to differ significantly from figures published by another major financial institution.

• In an Oct. 12 report prepared for the Group of 20 (G20), the FSB estimated stablecoins' total market value at approximately $300 billion in mid-2026, "essentially unchanged from a year earlier."
• The Bank for International Settlements (BIS), an institution owned by central banks that conducts financial research and supports international monetary cooperation, estimated the market at approximately $255 billion in July 2025 and $320 billion by the end of May 2026.
• Those BIS figures indicate an increase of roughly $65 billion, or 25.5%, over approximately 10 months, although the publications don't provide an exact year-over-year comparison.

The FSB's nine-page report examines risks that stablecoins could pose to financial stability as their use expands across borders.

It warns that regulators may struggle to monitor the movement of funds between jurisdictions, particularly when stablecoin issuers, customers and reserve assets are located in different countries.

Another financial watchdog recorded billions in growth

In a July 2025 bulletin, four BIS researchers estimated that the global stablecoin market had reached approximately $255 billion, more than double its value less than two years earlier.

The BIS later reported in its June 2026 Annual Economic Report that stablecoin market capitalization stood at approximately $320 billion at the end of May.

However, the two BIS observations aren't precisely 12 months apart, and the FSB's latest publication doesn't identify the underlying data source or methodology used to calculate its own annual comparison.

The watchdog warns that these differences can produce inconsistent estimates and undermine comparisons between data providers.

• The Coinformer has reached out to the FSB requesting clarification on the data source and methodology behind its claim that the market remained essentially unchanged.