In a survey of 11 jurisdictions, the Bank for International Settlements (BIS) discovered that, despite their potential, the usage of stablecoins is hampered by the dispersion of global regulations. Although the newspaper stated that stablecoin regulation is "urgent," there is a risk to their incorporation into the global financial system if regulations are not uniform.

The survey pointed out that the majority of regulatory methods are comparable in terms of risk management, reserve requirements, issuer authorization, and anti-money laundering (AML) procedures. However, variations in the way stablecoin issuances are structured may result in their regulation by frameworks related to banking, securities, commodities, or payment systems.

There are also differences in the details of regulations, redemption policies and the definition of a stablecoin. For example, some jurisdictions regulate algorithmic stablecoins, which are not pegged to external assets, identically to fiat-pegged stablecoins, but the United Kingdom, Japan and Singapore regulate them separately, and jurisdictions in the United Arab Emirates ban them altogether. The report said:

The range of stablecoin design elements, the perceived risks of their issuance, and the characteristics of the issuing institution seem to be the main drivers of differences. [...] An integrated financial system may face serious difficulties as a result of the fragmentation that follows."

It may be necessary to classify reserves differently, entrust them to custodians who must adhere to distinct regulations, or, in the case of the United Kingdom, place them in a statutory trust. Requirements for audit and liquidity also differ significantly.

Technological and cybersecurity requirements tend to be more uniform. The interaction of stablecoins with central bank digital currency, tokenized deposits and other digital assets needs to be explored more thoroughly.

The study adopts the stablecoin regulation suggestions made by the BIS in February. Governments were advised by BIS to work together and address issues related to redemption, risk management, and disclosure.

Stablecoin policies are also being pursued by a number of international organisations, including the International Monetary Fund, Financial Stability Board, Financial Action Task Force, Basel Committee on Banking Supervision, and International Organisation of Securities Commissions.