According to CoinMeta, the Financial Stability Board (FSB) warns that the $300 billion stablecoin market may not be prepared to cope with a global financial crisis. Cross-border regulatory fragmentation could complicate redemptions, reserve access, and issuer failures during periods of market panic, it is noted. Since 99% of stablecoins are pegged to the US dollar, regulators are calling for enhanced international coordination to prevent risks from spreading to traditional financial markets.