Regulating stablecoin issuance: permissible entities and activities

# Regulating stablecoin issuance: permissible entities and activities

> Evidence tier: B1
> Evidence type: Primary FSI Brief published by the Bank for International Settlements
> Source: [Bank for International Settlements](https://www.bis.org/fsi/fsibriefs33.htm)
> Published: 2026-08-27
> Captured: 2026-08-27T15:11:01.689Z

## Source summary

An FSI Brief by Adrien Currat, Johannes Ehrentraud and Denise Garcia Ocampo compares stablecoin frameworks for permissible issuers and activities. It finds that banks operating under existing prudential regimes are generally allowed a broader range of activities, while bespoke non-bank issuer regimes tend to impose tighter limits. The authors also flag that entity-level restrictions may be circumvented through affiliates when non-bank groups are not subject to equivalent consolidated oversight.

## Why it matters

The brief identifies a concrete design gap for stablecoin regulation: issuance, redemption and reserve management are usually treated as core functions, but lending, staking, custody and affiliate activity can change issuer risk. This is comparative policy research, not a new rule or evidence that any jurisdiction has changed market access; its conclusions are the authors' views and do not necessarily represent the BIS or standard-setting bodies.

## Key numbers

- **FSI Brief number:** 33
- **Report length:** 17 pages

## Topics and entities

- Industry lane: Web3 & stablecoin payments
- Entities: Bank for International Settlements / Financial Stability Institute
- Web3 payments
- Cross-border payments
- Payment infrastructure

## Evidence and credibility note

Primary FSI Brief published by the BIS on August 27, 2026. Authors, date, 17-page length and stated highlights were checked against the BIS page. The page expressly says the views are the authors' and do not necessarily reflect the BIS, member central banks or Basel-based standard setters.

Date evidence: Automatically verified from visible article date: 27 August 2026

## First-party corroboration

No directly corresponding A1 company announcement is currently linked.

## Original-source traceback

[Open the original Bank for International Settlements report](https://www.bis.org/fsi/fsibriefs33.htm)

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