As CBDCs move from pilots to policy and stablecoins scale into real-world payment and settlement use cases, digital money is entering a phase of practical deployment. Yet regulatory and technical fragmentation continue to threaten the efficiencies that tokenization at scale promises to unlock.

The discussion will focus on where real adoption is already taking place today, what barriers are still preventing scale, and how central banks, financial institutions, and technology providers can unlock interoperability across CBDCs, stablecoins, and tokenized financial systems globally within current market conditions.

Cross-border payments remain among the most expensive, slowest, and least accessible financial services globally. Stablecoins have emerged as a working alternative in the corridors underserved by traditional correspondent banking, processing significant volume alongside traditional rails, but questions of trust, reserve integrity, adoption, and systemic risk remain unresolved.

As regulatory frameworks mature across jurisdictions, this roundtable will explore the question of whether stablecoins are poised to graduate from a parallel system into genuine cross-border payment infrastructure, and what has to be true about their design, governance, and regulatory treatment for that to happen.

With payment-native banks, institutional settlement networks, and central banks at the table, the conversation will move beyond the technology debate to the harder questions of standards, coexistence, and who bears the risk when settlement infrastructure fails at scale.