Idle corporate cash has long been a missed opportunity - but tokenised money market funds, on-chain repo, and atomic settlement are rewriting the treasurer's playbook. Major institutions are already delivering yield and instant liquidity through tokenised instruments, settling FX derivatives on-chain, and integrating programmable collateral into intraday operations. This session examines what the shift to programmable treasury infrastructure means for CFOs navigating 24/7 markets with systems built for banking hours.

Regulation is one thing; implementing new rules across live systems, global entities, and market infrastructures is another entirely. While firms grapple with operationalising evolving regimes such as MiCA and the GENIUS Act, policymakers and standard-setting bodies are simultaneously reshaping the principles that underpin tomorrow's financial market infrastructures (FMI).

This session brings together policymakers, central bankers, and industry practitioners to examine where gaps between policy intent, global standards, and operational reality are widest, how industry, policymakers, and regulators can better coordinate in an environment where rules and infrastructure are being built in parallel, and what the future of the institutional digital assets ecosystem will look like.

The global monetary system has a plumbing problem. Correspondent banking is slow, expensive, and exclusive, and now a $300 billion stablecoin market has grown around it. Yet 97% of that market is dollar-denominated, issuers hold hundreds of billions in short-term Treasuries, already impacting yields, and the largest stablecoin carries rating agencies’ lowest stability ratings.

Stablecoins could become genuinely useful payments infrastructure: for cross-border payments, programmable settlement, and treasury operations. In this roundtable we explore what it takes to make stablecoins truly stable and useful for broad adoption, and why Switzerland is well-placed to help (re-)define what responsible stablecoin design looks like.