G20 finance ministers and central bank governors pledged to pursue clearer rules for digital assets after a two-day meeting in Asheville, North Carolina, on Tuesday, describing the sector as a source of growth.
The chair’s statement said the group would move ahead with supervisory frameworks aimed at preserving financial stability while setting clear paths for sound digital finance and digital asset innovation. U.S. Treasury Secretary Scott Bessent issued the statement in his role as chair of the finance track, which the United States leads this year. Ministers and central bank governors met on Aug. 31 and Sept. 1, following an earlier gathering in Washington in April.
FSB work on stablecoins remains in focus
The statement said the G20 is looking ahead to Financial Stability Board work on the cross-border implications of global stablecoin arrangements and on stablecoin data availability. It also reaffirmed the group’s roadmap for cross-border payments.
G20 members were also urged to extend the operating hours of large-value payment systems. The statement has no legal force, but G20 wording often signals the direction later followed by standard-setting bodies and national regulators.
National regulators are moving at different speeds
Outside the G20 statement itself, national authorities are taking different approaches and moving on different timelines. On Tuesday, the Monetary Authority of Singapore proposed amendments to its Payment Services Act that would require stablecoin issuers to hold reserves equal to at least 100% of tokens in circulation in segregated accounts.
The proposal would also bar issuers from paying interest or other benefits tied to holdings. The consultation closes on Oct. 16, and no implementation date has been announced.
Payment system hours remain a gap
The G20 call for longer operating hours for large-value payment systems points to a mismatch the crypto industry has highlighted for years: blockchains settle around the clock, while bank payment rails do not.
Bessent outlined the finance-track priorities in February, placing a vibrant digital assets ecosystem and better cross-border payments alongside growth, debt transparency, and global imbalances.
U.S. market structure bill is still pending
In the United States, Bessent has since pressed the Senate to finish work on domestic market structure legislation. In April, he called holdout crypto executives “nihilists,” and in June he urged lawmakers to hold a vote before the summer recess.
The Digital Asset Market Clarity Act still has not passed the Senate. A procedural vote is scheduled for Sept. 15.