PANews reported on November 21 that, according to Reuters, Andrew Bailey, Chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of the private lending market and stablecoins urgently requires stronger global regulatory cooperation. He warned that differences among countries on stablecoin regulation and prudential frameworks could increase systemic risks and called for the establishment of cross-border compliance mechanisms. He also emphasized that the slow progress made by major economies in implementing the Basel III global banking capital standards should be taken seriously.