Overview
- Speaking at the GZERO Summit Japan on Oct. 21, Ryozo Himino said regulators must modernize prudential standards to keep pace with structural shifts.
- He cited repeated delays to Basel 3 despite G20 pledges, warning that patchwork timelines leave gaps in oversight.
- Roughly half of global financial assets now sit in non-bank institutions outside Basel 3’s remit, he noted.
- Stablecoins could become significant payment rails that partly replace bank deposits, requiring agile cross-border standards.
- Japan’s recent moves underscore the urgency, with a regulator-approved yen stablecoin from JPYC and reports of major banks pursuing a joint yen token and payment platform.