TechFlame reports that in a letter to G20 leaders, Andrew Bailey, Chair of the Financial Stability Board (FSB), emphasized the urgent need for enhanced global regulatory cooperation in response to the rapid growth of private credit markets and stablecoins. He warned that differing regulatory and prudential frameworks for stablecoins across countries could heighten systemic risks and called for the establishment of cross-border compliance mechanisms. Additionally, he stressed that the slow progress among major economies in implementing the Basel III global banking capital standards should also be a matter of concern.