Basel Committee Chair: Stablecoin craze may prompt review of new bank capital standards related to crypto assets

Erik Thedéen, chairman of the Basel Committee on Banking Supervision, said on Wednesday that the rapid growth of stablecoins could prompt global policymakers to reassess new bank capital standards for crypto assets. He said that stablecoins are currently a hot topic, but when policymakers formulate new crypto asset capital rules in 2022, stablecoins "are not the focus", so "this is one of the reasons why we may need to discuss and evaluate." However, he added that any changes would need to be made after a "very thorough" process and discussions with the committee's member states, some of which have already implemented the package.