FSB Urges Türkiye to Build a Stablecoin Regime for Its $200 Billion Crypto Market

Published November 11, 2026, 9:42 PM PKT. Based on the Financial Stability Board's peer review published November 11, 2026 (primary source), and reporting by Reuters, Cryptopolitan and CoinStats on November 11, 2026 (secondary sources). The FSB review reflects information as of August 2026 and is a peer review, not a rule-making document, so nothing in it changes Turkish law by itself.

The Financial Stability Board told Türkiye on Wednesday, November 11, 2026 to build a dedicated regime for stablecoins, warning that no framework regulates stablecoin issuers in a market where demand for dollar-pegged tokens relative to the size of the economy is the highest in the world.

The call came in the board's second Peer Review of Türkiye, published the same day, which examined the country's progress in putting the FSB's global crypto framework into practice. The review credits Turkish authorities with real progress, including registration and licensing requirements for crypto-asset service providers, strict separation of client assets from company funds, a ban on using crypto for domestic payments, and a centralised data platform for monitoring activity. It then says further steps are warranted, and lists five recommendations: keep full implementation of the crypto and global stablecoin recommendations a priority, operationalise a framework for financial-stability monitoring, establish a dedicated stablecoin regime, strengthen supervision and enforcement, and promote cross-border cooperation and information sharing.

A $200 billion market with no stablecoin rulebook

The scale of the market is what makes the gap matter. Turkish authorities report 7.1 million crypto-asset accounts and 5.3 million account holders, with roughly $200 billion in annual transactions in 2025, according to CoinStats, citing the FSB review. Türkiye ranks among the top 20 crypto markets in the world, Cryptopolitan reported, and dollar-pegged stablecoins accounted for about 17 percent of on-chain transactions in 2025.

Turks use dollar-pegged tokens such as Tether's USDT ($USDT) to shield savings from local inflation and slides in the lira, and to fund accounts on overseas platforms, according to Cryptopolitan. Chainalysis data reported in 2024 showed Turks spent 4.3 percent of the country's gross domestic product buying stablecoins, the highest share of any economy in the world, ahead of Thailand, Georgia and the United States.

Against that demand, the domestic alternative is tiny. The only stablecoin issued by a domestic entity is BiLira (TRYB) ($TRYB), with a market capitalisation of about $5.9 million, according to CoinStats. The FSB put the core problem plainly: "There remains no framework in place for the regulation of stablecoin issuers," describing it as "a core financial-stability concern" given the strong foreign-exchange-linked channels and the potential for "digital dollarisation", Reuters reported.

What the FSB wants Ankara to do

The review asks Turkish authorities to set issuer requirements covering redemption rights, effective stabilisation mechanisms and prudential requirements, and to clarify how stablecoins interact with payments and e-money law, while keeping safeguards against foreign-currency stablecoins in domestic payments, CoinStats reported. The FSB also wants issuers to keep their tokens close to their reference currency, manage reserves transparently, and give holders a timely right to cash out, according to Cryptopolitan.

Some controls already exist. The Financial Crimes Investigation Board, known as MASAK, caps stablecoin transfers, and an amendment to the central bank's Regulation No. 31676 on payment services and e-money now allows certain currency-pegged stablecoins to be treated as equivalent to e-money, which opens a pathway to payments for stablecoins that qualify, CoinStats reported. The FSB also wants a published timeline for each stage of the audit capacity and custody bottlenecks that have stalled full licensing progress, according to Cryptopolitan.

The board's framing is blunt about why the gap matters more in Türkiye than elsewhere. "In an EMDE setting, the absence of a comprehensive regulatory regime for stablecoins is more consequential given higher retail use, stronger FX-linked channels and the potential for digital dollarisation, making clarity on issuance safeguards a core financial-stability concern," the FSB said, as quoted by CoinStats.

The monitoring blind spot: offshore exchanges and self-custody

The review also found that Turkish supervisors cannot see the whole market. Türkiye started weekly reporting in early 2026 through the Crypto Asset Central Registry System, known as KVMKS, but the platform only pulls data from domestically licensed platforms, Cryptopolitan reported. It does not catch funds held on foreign exchanges and self-custody wallets, and domestic platforms are only approved to offer spot trading, so demand for leverage and derivatives is routed to offshore venues.

The blind spot has a security dimension. Türkiye's largest trading platform, BtcTurk, has suffered three breaches in two years, losing about $48 million in its most recent incident, according to Cryptopolitan. The FSB's recommendation to operationalise a financial-stability monitoring framework is aimed directly at that visibility gap, so supervisors can track the channels through which risks could reach banks and payments.

The review is the second country peer review in the FSB's regular programme, and Türkiye volunteered to undergo it in 2026. The board finalised its global regulatory framework for crypto-asset activities and global stablecoin arrangements in July 2023 at the request of the G20, and its 2025 thematic review found welcome progress but also significant gaps and inconsistencies across jurisdictions. This review applies that framework to one country, and follows the board's warning to the G20 in October about stablecoin run risks, which MABOnChain covered at the time.

Sources

• Financial Stability Board, FSB recommends Türkiye further strengthens its regulatory framework for crypto-assets and stablecoins, November 11, 2026 (primary source: second Peer Review of Türkiye published November 11, 2026, Ref 15/2026; five recommendations including a dedicated stablecoin regime, an operational financial-stability monitoring framework, stronger supervision and enforcement, and cross-border cooperation; progress credited on registration and licensing, custody separation, the domestic payments ban and the centralised data platform; global framework finalised July 2023; Türkiye volunteered for the 2026 review)
• Reuters, Global watchdog urges Turkey to strengthen crypto rules, November 11, 2026 (secondary source, syndicated republication of the Reuters report by Marc Jones: FSB said Türkiye needs to further strengthen its framework for crypto assets and stablecoins; nearly $200 billion in transactions last year; "There remains no framework in place for the regulation of stablecoin issuers," described as "a core financial-stability concern" given strong FX-linked channels and potential "digital dollarisation")
• Cryptopolitan, FSB urges Türkiye to regulate the stablecoins it relies on more than any other economy, November 11, 2026 (secondary source: stablecoin demand relative to economy size highest in the world; Chainalysis data reported in 2024, Turks spent 4.3 percent of GDP buying stablecoins, ahead of Thailand, Georgia and the United States; top 20 crypto market with nearly $200 billion in annual transactions; stablecoins about 17 percent of on-chain transactions in 2025; BiLira (TRYB) market value about $5.9 million; KVMKS weekly reporting since early 2026, blind spot on foreign exchanges and self-custody wallets; domestic platforms approved for spot trading only; BtcTurk three breaches in two years, about $48 million in the most recent incident; MASAK caps on stablecoin transfers; FSB wants a published licensing timeline)
• CoinStats, Türkiye Has 7.1 Million Crypto Accounts and Still No Stablecoin Regime, FSB Says, November 11, 2026 (secondary source: 7.1 million crypto-asset accounts, 5.3 million account holders, roughly $200 billion in annual transactions in 2025; review reflects information as of August 2026 and is not a rule-making document; stablecoin issuer requirements including redemption rights, effective stabilisation mechanisms and prudential requirements; Regulation No. 31676 amendment treating certain currency-pegged stablecoins as equivalent to e-money; EMDE framing on retail use, FX-linked channels and digital dollarisation)

This article is news reporting and is not investment advice.