FSB warns stablecoin reserves can get trapped
FSB warns stablecoin reserves can get trappedCross-border redemption delays could pressure stablecoin pegs; the watchdog’s recommendations remain non-binding.
The Financial Stability Board warns that stablecoin holders can face redemption delays when reserves sit across borders from the issuer receiving withdrawals. Full backing alone cannot guarantee that cash reaches the right entity in time. A run could also reach banks and securities markets if issuers sell reserve assets or withdraw deposits rapidly. Standard Chartered has opened custody for XRPL-issued RLUSD, with trading-collateral integration still pending. France’s proposed tax overhaul would recognize gains on certain stablecoin swaps before investors withdraw cash. Top News
Global watchdog warns the $300 billion stablecoin market could face bank runs even with full reservesThe FSB’s October 12 report, using a roughly $300 billion mid-2026 market estimate, examines affiliated issuers that share liability for one stablecoin but hold separate reserves. If withdrawals concentrate at one entity, banking hours, settlement delays or national restrictions could impede transfers from its affiliates, leaving holders waiting and putting pressure on the peg. The watchdog calls for better cross-border monitoring and crisis coordination; its recommendations are non-binding and do not establish that a run is underway. France’s tax proposal would tax Bitcoin-to-USDC swaps before investors cash outA French committee adopted an amendment that would end tax deferral for swaps into qualifying e-money tokens from January 1, 2027, if enacted. It also changes acquisition-basis calculations and offers transition choices for older holdings. Eclair merges fixes for Lightning flaws that could burn Bitcoin in feesEclair merged safeguards against excessive funding fees and transactions built by a compromised Bitcoin backend. The October fixes postdate September’s v0.14.3, still listed as the latest packaged release when checked on October 12. From Our Sponsor
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Elsewhere in CryptoBitcoin’s rebound approaches the $85,000 zone where past buyers may sellCheckonchain’s October 11 data identifies a dense acquisition-cost zone; it cannot establish whether those holders will sell. Bitcoin options price a quiet CPI week while shorts cluster at $76,000–$80,000October 12 options data includes both put buyers and sellers, so open interest alone cannot prove bearish conviction. Solana’s offline-signing proposal would keep approvals valid after failed transactionsProposed replacements change account authorities and permit retries; an audited mainnet replacement must precede the conditional migration window. Standard Chartered brings Ripple’s RLUSD into banking custody after $765 million quarterly surgeEligible institutions can custody XRPL-issued RLUSD now; using it as LMAX collateral still awaits testing and approvals. FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AISWI’s financing supports AI infrastructure, but Genesis-specific allocations, conversion sites and revenue dates remain undisclosed. The Catalyst by CryptoSlateWhat’s moving crypto. Why it matters. What to watch next. CryptoSlate has covered crypto, markets, and decentralized technology since 2017. Read CryptoSlate · Tips, questions & corrections · Sponsor The Catalyst For information, not investment advice.
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