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On 13 July 2022, the Bank for International Settlements' Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions published the Guidance on the Application of the Principles for Financial Market Infrastructures to stablecoin arrangements. The document aims to provide clarity regarding the application of the Principles for Financial Market Infrastructure (PFMI) to stablecoin arrangements that are considered systemically important financial market infrastructures. In particular, the document focuses on 4 areas: Governance, Comprehensive risk management, Settlement finality and Money settlements The Guidance confirms that stablecoin arrangements should comply with international standards for payment, clearing and settlement systems.
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