The General Manager of the Bank for International Settlements (BIS), Pablo Hernandez de Cos, stated that stablecoin regulation requires global coordination; otherwise, regulatory differences among countries could lead to severe market fragmentation and trigger regulatory arbitrage. He pointed out that stablecoins could weaken monetary and fiscal policies, create pressure on financial markets, and impact anti-money laundering systems. Currently, stablecoins face friction in redemption mechanisms, making them more similar to securities or ETFs rather than currencies, and he warned that a run could potentially disrupt the market. (Reuters)