Two Roads to Programmable Money: Stablecoins, Tokenized Deposits, and the Future of Rails

Programmable money is moving from white paper to live infrastructure: banks are building regulated stablecoins, while central banks and major institutions are testing tokenized deposits and reserves for real-value settlement. This session examines what programmable money changes for banks, regulators, and the international monetary system, and why the choice of architecture may matter as much as the technology itself.