According to U.Today, members of the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) have released a new paper focusing on the proliferation of stablecoins. The paper mentions several risks that stablecoins pose to holders, including possible decoupling. So far, no stablecoin can "always" maintain the same value as the underlying asset. Stablecoin holders should have confidence that the issuer can ensure timely redemption. Authorities around the world have also pointed out the various risks that stablecoins pose to financial stability. Standard-setting bodies around the world are currently developing a regulatory framework to respond to the rapid rise of stablecoins. Stablecoins can be issued by banks and non-banks that have obtained the required approvals, or by entities with specific crypto licenses. In some jurisdictions, stablecoin issuers should comply with liquidity requirements. The paper concludes that despite some commonalities, the regulatory environment for stablecoins is still mostly fragmented. It is worth noting that the stablecoin market has exceeded $150 billion, of which Tether accounts for the vast majority.