The Systemic Risk Council (SRC) provides an independent assessment of the most significant vulnerabilities shaping global financial stability. In this edition, the SRC underscores growing concerns around unresolved US stablecoin regulation, the rapid expansion of non-bank financial intermediaries, and recent shifts in large-bank capital requirements that may weaken essential safeguards. We note that with sentiment driven markets, we become desensitized to lingering geopolitical tensions and traditional economic fundamentals that signal caution. It is a perfect environment for market bubbles. This issue also features perspectives from leading US and EU regulatory officials on modernizing oversight frameworks, improving systemic-risk governance, and minimizing fragmentation. None of this comes easy in the face of increasingly interconnected financial, technological, and economic systems. Please enjoy the latest commentary on these and other systemic risk developments in this latest edition of the Quarterly Report.

SRC Quarterly Systemic Risk Report_Fall 2025