# RWA Daily Update - 2026-09-29

## Lesson title
A stablecoin needs an exit plan, not just reserves

Access date: September 29, 2026 (PDT), checked with the local system clock. Educational review of established guidance, not a new rule announcement or an assessment of a named issuer.

## Official sources checked

Financial Stability Board, High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report, July 17, 2023.
- Landing page: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/
- Full report: https://www.fsb.org/uploads/P170723-3.pdf
- The full official PDF was retrieved with curl (HTTP success) and read with pypdf; 24 PDF pages. Page references below use printed report pagination, followed by PDF page position.

## Extracted facts and supporting passages

1. Recommendation 7, printed pages 8-9 (PDF pages 12-13): "Authorities should require that GSC arrangements have appropriate recovery and resolution plans."
2. The same recommendation specifies planning for "recovery, resolution or orderly wind down under the applicable legal (or insolvency) frameworks", including continuity of critical functions and activities and prevention of financial-system spillovers.
3. Page 9 (PDF page 13): authorities should consider implementation through effective contractual obligations among entities in the network and involvement of authorities in all jurisdictions where those entities operate.
4. Recommendation 9, printed page 10 (PDF page 14): users' redemption should not be unduly compromised by disruption or failure of an intermediary or relevant infrastructure. The report gives contractual or operational processes allowing prompt direct redemption with the issuer when an intermediary becomes unavailable as an example.
5. The official landing page identifies these as recommendations addressed to jurisdictional regulatory, supervisory and oversight authorities. They are not proof that a particular issuer has implemented the protections, nor a universal directly enforceable redemption right.

## No-hype summary

An RWA settlement workflow may depend on a stablecoin cash leg. Reserve holdings alone do not establish who keeps redemptions working if an intermediary disappears or the arrangement must close. Recovery and orderly exit planning should connect accountable operators, critical functions, contracts and applicable insolvency law. A written plan is not a guarantee of repayment or uninterrupted access.

## Facts versus interpretation

- Official guidance: the planning, critical-function continuity, contractual implementation and disrupted-intermediary redemption points above.
- Educational application: applying this checklist to a stablecoin used to pay for tokenized assets. The report does not impose the same arrangements on every tokenized bond, fund or bank deposit.
- Plain-English teaching shorthand: recovery aims to restore viable operations; orderly wind-down is a controlled exit, not merely rebooting a ledger. Resolution depends on the applicable legal regime.
- Practical questions about who processes claims, what records survive and which alternate redemption channel is available are editorial due-diligence questions, not verified features of any provider.
- No investment advice, price forecast, repayment guarantee or allegation about a named issuer.

## Watch question

If my usual intermediary disappears, who processes my claim and what documented route remains for redemption?

## Novelty check

Reviewed prior daily lesson titles through September 27 and searched existing notes for wind-down, resolution plans and recovery plans. Previous FSB lessons focused on backing, legal claims and ordinary redemption; this lesson focuses on failure-stage continuity and orderly exit. No focused prior exit-plan lesson was found.

## Retrieval limitations and unused leads

- Landing-page web extraction returned an incomplete recommendation list; direct urllib access returned HTTP 403. These were not treated as full-text verification.
- Web extraction of the official PDF was also incomplete. A direct curl download with a browser user agent succeeded, and the relevant full pages were extracted locally.
- BIS Working Paper 44 landing page and legacy PDF URL were checked while considering an alternative topic; the latter redirected to a summary. No substantive claims from that paper are used in today's lesson.