Coinbase and Circle oppose the Basel Committee on Banking Supervision's stablecoin requirements

ChainCatcher news, according to The Block, Coinbase and Circle are opposing various aspects of the Basel Committee on Banking Supervision proposal, which introduces stricter standards for preferential regulatory treatment regarding banks' exposure to stablecoin risks.

It is reported that the proposed requirements determine whether a stablecoin qualifies for the "Group 1b category," which grants preferential regulatory treatment. According to the consultation document, certain standards must be met, including low volatility and sufficient liquidity. The deadline for comments on the document is March 28.

Coinbase stated regarding the above requirements: "The committee's choice indicates a desire to strictly limit banks' holdings and thus use of stablecoins." Circle expressed dissatisfaction with the committee's report mentioning that blockchain has "unique risks."