Stablecoins – digital tokens pegged to fiat currencies – have emerged as a major innovation in crypto finance, with broad implications for payments and international finance. The IMF, the Financial Stability Board, and the European Systemic Risk Board are focusing on the regulatory issues, while the US has just passed the GENIUS Act, a comprehensive framework for stablecoins. A particular innovation is the multi-issuer stablecoin, a cross-border construct. This column explores the risks such