Swiss Financial Market Supervisory Authority: Stablecoin issuers pose risks to banks providing default guarantees
ChainCatcher news, according to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) stated in guidance released on Friday that stablecoin issuers operating in Switzerland pose risks to the banks they partner with.This is because these issuers accept deposits from the public and should be considered banks, but they avoid the requirement for a banking license by entering into agreements with registered lenders to repay customers in the event of default.FINMA stated in the guidance: "This poses risks to stablecoin holders and the banks providing default guarantees. If a stablecoin issuer engages in misconduct, the banks providing default guarantees may suffer reputational damage due to their contractual relationship with the issuer and may face legal risks."