In July 2022, the Committee on Payments and Market Infrastructures (CPMI), a constituent body of the Bank for International Settlements, together with the International Organisation of Securities Commissions (Iosco) published guidance on the regulatory principles for systemically important stablecoins.
In particular, the two standard-setting bodies clarified the ways in which the Principles for Financial Market Infrastructures (PFMI), a key international regulatory standard, should apply to stablecoin arrangements.
