There’s a “pretty universal” consensus among regulators in North America and internationally that coordinated regulation of stablecoins is necessary, said Ontario Securities Commission chair and chief executive Grant Vingoe at an online event. (The Logic)

Talking point: A stablecoin is a cryptocurrency that has a value pegged to that of a fiat currency like the U.S. dollar, which helps address the problem of wildly fluctuating prices. They’ve been attracting the attention of regulators because of their size—the most popular one, Tether, has a market capitalization of about US$72.5 billion—and concerns about what would happen in the event of something similar to a bank run if their reserves turn out to be less robust than issuers claim. U.S. banking regulators announced today that they intend to clarify next year whether banks can issue stablecoins and earlier this month, the U.S. President’s Working Group on Financial Markets issued a report recommending Congress enact legislation regulating stablecoins. Vingoe’s remarks suggest Canadian regulators may be considering something similar.