PNC and Coinbase plan stablecoin payment pilot for business clients
Eligible clients will receive Circle’s USDC, with payments automatically converted into US dollars.
FSB urges Turkey to tighten crypto and stablecoin oversight
The watchdog called for dedicated stablecoin rules, better market data and stronger coordination with overseas regulators.
Turkey should strengthen regulation of crypto assets and stablecoins to tackle potential risks to financial stability, the G20's Financial Stability Board said on November 11 after reviewing the country's adoption of international standards.
The FSB acknowledged progress in bringing much of Turkey's crypto market under supervision but said more work was required to meet its global recommendations. Its review described a sector driven largely by retail investors and cited transactions worth nearly $200 billion.
A key gap is the absence of a regulatory framework for stablecoin issuers, the watchdog said. It called for dedicated rules for stablecoins, which are typically tied to the dollar, citing foreign-exchange links and the potential for digital dollarization.
The review said cryptocurrencies and stablecoins had gained importance in Turkey as people sought protection against prolonged lira depreciation and high inflation. Turkey has already adopted safeguards to restrict connections between crypto and the wider financial system, including a ban on using crypto assets for domestic payments.
The FSB also recommended a formal system to monitor financial stability risks, more centralized collection of market data and closer cooperation with foreign regulators. It said national measures alone could not address the risks because crypto markets operate across borders.