On 13 July 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report containing final guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to stablecoin arrangements (SAs) that are considered systemically important financial market infrastructures (FMIs), including the entities integral to such arrangements.
The final guidance does not create additional standards for SAs but instead provide further clarity to systemically important SAs and relevant authorities as those SAs seek to observe the PFMIs. The guidance focuses on a subset of the PFMIs for which the CPMI and IOSCO consider that guidance is warranted in light of notable features of SAs as compared to existing FMIs. However, a systemically important SA primarily used for making payments would be expected to observe all of the relevant principles of the PFMIs including those principles for which no further guidance is provided in the report. The report also does not cover issues specific to stablecoins denominated in or pegged to a basket of fiat currencies (multicurrency SAs), as they will be covered in future work to consider whether the guidance in the report is sufficient to provide clarity to multicurrency SAs when seeking to observe the PFMIs.