Circle Internet Financial, a prominent issuer of global stablecoins like USDC and EURC, has responded to the Financial Stability Board's thematic peer review regarding the global regulatory framework for crypto-asset activities. In its response, Circle emphasizes the necessity of harmonized, risk-based regulations to maintain the fungibility and operational efficiency of stablecoins while safeguarding financial stability. The company warns that jurisdictional differences in regulations, particularly concerning reserve management, capital standards, and anti-money laundering requirements, could fragment liquidity, increase operational costs, and limit the benefits of stablecoins as reliable payment instruments. Circle advocates for common standards and mutual recognition of regulatory regimes to avoid market fragmentation and enhance global payment systems, stressing the importance of regulatory collaboration and clarity to support innovation without compromising financial stability.