Deep Tide TechFlow News, April 20 — Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated that global coordinated regulation of stablecoins is crucial to prevent serious market fragmentation, as regulatory differences across jurisdictions could lead to regulatory arbitrage. He pointed out that stablecoins are usually pegged 1:1 to the US dollar, which could weaken monetary and fiscal policies, cause financial market pressures, and hinder efforts to combat illegal financing. Currently, the two major stablecoins issued by Tether and Circle account for about 85% of the approximately $315 billion in global stablecoin circulation. He also mentioned that these two types of stablecoins are more similar to securities than to currencies in terms of redemption friction and operate more like ETFs.