1、Targeted Report on Stablecoins and Unhosted WalletsPeer-to-Peer TransactionsFATF ReportMarch 2026 The Financial Action Task Force(FATF)is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering,terrorist financing and

2、 the financing of proliferation of weapons of mass destruction.The FATF Recommendations are recognised as the global anti-money laundering(AML)and counter-terrorist financing(CFT)standard.For more information about the FATF,please visit www.fatf-gafi.org This document and/or any map included herein

3、are without prejudice to the status of or sovereignty over any territory,to the delimitation of international frontiers and boundaries and to the name of any territory,city or area.Citing reference:FATF(2026),Targeted Report on Stablecoins and Unhosted Wallets Peer-to-Peer Transactions,FATF,France,w

4、ww.fatf-gafi.org/content/fatf-gafi/en/publications/virtualassets/targeted-report-stablecoins-unhosted-wallets 2026 FATF/OECD.All rights reserved.No reproduction or translation of this publication may be made without prior written permission.Applications for such permission,for all or part of this pu

5、blication,should be made to the FATF Secretariat,2 rue Andr Pascal 75775 Paris Cedex 16,France (e-mail:contactfatf-gafi.org).Photocredits cover:.Shutterstock|1 TARGETED REPORT ON STABLECOINS AND UNHOSTED WALLETS PEER-TO-PEER TRANSACTIONS Table of Contents Abbreviations and Acronyms.2 Executive Summa

6、ry.3 Introduction.4 Objectives and Structure.4 Previous FATF Work on Stablecoins.4 Scope.5 Methodology.5 Background.6 Background on Stablecoin Ecosystem and Definitions.6 FATF Requirements for VASPs and Applicability to Stablecoins.8 Part One:Analysis on Current situation,Threats and Vulnerabilities