On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins. The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency joined the PWG in issuing the report, which provides an overview of how stablecoins are created and operate, discusses the risks they present (including regulatory gaps), and makes a series of recommendations for addressing these risks. In this Mayer Brown Legal Update, we summarize key aspects of the report and look ahead to key questions and next steps for the regulation of stablecoins.