AMCC Crypto Crisis Workshop: report

A clearer view of the risks that now define the digital asset ecosystem.

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Digital assets are growing in scale, ownership and market relevance, increasing the urgency of coherent risk management and regulatory coordination. This report examines the systemic risks posed by cryptocurrencies, stablecoins and tokenised securities, drawing on crisis scenarios, past market failures and workshop discussions with regulators and industry leaders.

Digital ownership today

Adoption

With over 562 million people now owning digital assets, this is no longer niche — it's a systemic shift that must be addressed.

Bitcoin accounts for the majority of total issued value, underlining how concentrated the market remains.

Stablecoin scale

Liquidity

They also facilitate USD 8.9 trillion in annual turnover — exceeding the size of the US repo market.

At this scale, a stablecoin stress event would have implications well beyond the digital asset ecosystem.

Accelerating asset growth

Momentum

With more than USD 4 trillion in crypto-asset holdings today, materiality is no longer in question.

The pace of growth is compressing the time available to build adequate risk management frameworks.

Digital assets are no longer a peripheral market. As ownership expands and market value rises, the central challenge is shifting from adoption to risk management, crisis preparedness and regulatory coherence across an increasingly material part of the financial system.

What risks matter most as digital assets become more systemically relevant? How should regulators and market participants respond to crisis scenarios across cryptocurrencies, stablecoins and tokenised securities?

The report draws on the AMCC Crypto Crisis Workshop hosted by the International Organization of Securities Commissions (IOSCO) in London, bringing together global securities regulators and industry participants to examine the challenges of the digital asset ecosystem. It explores physical access risk, issuer risk and safe-keeping events, while also drawing lessons from crises such as Lehman Brothers, FTX and Terra to inform future regulatory and operational responses.

The research highlights:

7% of the world's population holds digital assets: more than 562 million people globally now hold crypto-assets, underlining their growing market relevance

US dollar (USD) 291 billion in stablecoins issued: stablecoins have reached significant scale, with 192 million holders and USD 8.9 trillion in turnover

Digital asset holdings rose 172% between 2023 and 2024, showing how quickly materiality is increasing

Crisis scenarios now require structured response: the paper focuses on physical access, issuer risk and safe-keeping events as key areas of risk management focus

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