FSB: Assessment of risks to financial stability from crypto-assets

FSB’s report looks at developments and associated vulnerabilities relating to unbacked crypto-assets; stablecoins; and decentralised finance and other platforms on which crypto-assets trade. The report highlights a number of vulnerabilities associated with crypto-asset markets, including: increasing linkages between crypto-asset markets and the regulated financial system; liquidity mismatch, credit and operational risks affecting stablecoins; the increased use of leverage in investment strategies; concentration risk of trading platforms; the opacity and lack of regulatory oversight of the sector.