Stablecoins are global by design, yet their regulatory oversight remains stubbornly local. As regulations evolve across jurisdictions, a multi-issuance model is emerging — where a single global stablecoin is issued by separate, supervised entities in multiple markets. While token holders experience seamless fungibility, regulators grapple with fragmented reserves, unclear redemption chains, and the potential for systemic run risk.

This GFTN Select Boardroom moves beyond national and institutional silos to ask: what would a credible, proportionate cross-border regulatory framework look like if designed for this reality — one that ensures both interoperability and local financial stability?