Tokenization is reshaping wholesale payments, foreign exchange, and securities. As adoption grows across platforms and jurisdictions, it introduces fragmentation, operational complexity, and coordination challenges that may affect liquidity, settlement certainty, and systemic stability.

This roundtable will examine the governance, control frameworks, and cross-border coordination needed to ensure trust, integrity, and resilience in tokenized financial markets. It will explore practical approaches to embed compliance, interoperability, and accountability, advancing trust in tokenization, and enabling it to scale.

Necessity is the mother of invention! Last month, Georgia announced that it will put its national currency on blockchain rails in partnership with one of the world's largest stablecoin issuers — and the world is watching closely. This session extracts the blueprint: what decisions were made, what was left unresolved, and how programmable banking turns a bold issuance moment into lasting financial infrastructure.

Hear from the central bank Governor that took the leap, the private issuer leader that made it possible, and the founder of a programmable bank that shows what comes next. Three perspectives, three urgent questions: how to manage risks, what are the trade-offs and what happens next?

The digital euro and dollar-denominated stablecoins represent two distinct approaches to programmable money - one rooted in central bank architecture and monetary sovereignty, the other in private infrastructure and market-driven adoption. Each carries different implications for how money is issued, held, settled, and governed in a digital economy. This session explores the fundamental design choices behind both instruments, what they are each built to do, and how they are likely to coexist - or not - as Europe's digital currency landscape takes shape.