G20 finance ministers and central bank governors committed to clearer rules for digital assets at the close of a two-day meeting in Asheville, North Carolina, on Tuesday, framing the sector as a source of growth. The Chair’s statement said the group would advance supervisory frameworks that preserve financial stability while establishing “clear pathways for sound digital financial and digital assets innovation.”

Treasury Secretary Scott Bessent issued the statement as chair of the finance track, which the United States leads this year. Ministers and governors met Aug. 31 and Sept. 1, following an April gathering in Washington. The group is looking forward to Financial Stability Board work on the cross-border implications of global stablecoin arrangements and on stablecoin data availability, the statement said, reaffirming the group’s roadmap for cross-border payments. The statement also urged member countries to extend the operating hours of large-value payment systems.

This story is an excerpt from the Unchained Daily newsletter.

The statement carries no legal force, but G20 language sets the direction that standard-setters and national regulators tend to follow.

National regulators are meanwhile moving at different speeds. The Monetary Authority of Singapore proposed amendments to its Payment Services Act on Tuesday that would require stablecoin issuers to hold reserves equal to at least 100% of tokens in circulation in segregated accounts, and would bar them from paying interest or other benefits tied to holdings. That consultation closes Oct. 16, with no implementation date announced. The G20’s request for longer large-value payment hours points at a gap the crypto industry has pressed for years: blockchains settle around the clock, bank rails do not.

Bessent set out the G20 finance-track priorities in February, listing “a vibrant digital assets ecosystem” and improved cross-border payments alongside growth, debt transparency and global imbalances. In the U.S. he has since pressed the Senate to finish the job on domestic market structure legislation, calling holdout crypto executives “nihilists” in April, and urged a vote before the summer recess in June. The Digital Asset Market Clarity Act has still not passed the Senate, where a procedural vote is scheduled for Sept. 15.

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