The lack of global regulations and inconsistencies could impede the cross-border usefulness of stablecoins, according to a report by the Committee on Payment and Market Infrastructures (CPMI). While stablecoins are seen as a potential solution for improving cross-border payments, the report highlights several obstacles such as regulatory issues, competition, and network scalability that could hinder their wider adoption. The report emphasizes the importance of factors like reserve currency, on and off-ramp systems, and the pattern of stablecoin issuance for their growth. On the positive side, stablecoins can reduce transaction costs, increase transaction speed and settlement, enhance transparency, and provide access to technology for all users. However, the lack of regulations in the stablecoin market may limit their use by retail and institutional clients. To ensure the safe and effective use of stablecoins, uniform regulations across regions are needed. The report also warns of the risks of a fragmented market and the development of multiple stablecoins without interoperability.
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