Emma Joyce

The worlds of DeFi and TradFi are converging, and there is no better example than payments on blockchains, with stablecoin issuers pursuing bank charters, and banks embracing blockchain and tokenization. This confluence presents an opportunity to implement best practices from both, yet carries a risk of importing complexities from each.

This roundtable convenes experts from DeFi and TradFi to share learnings and discuss key topics that can lead to stronger alignment and collaboration as we work towards common objectives:

1. Standards and Interoperability: Connectivity is critical to unlocking the ecosystem benefits of blockchain, and standards is key to enabling connectivity. What is the right approach for standards with payment tokens? Is the approach of broad standards developed with industry-level consensus (like with ISO20022) viable in a decentralized world? How can we collaborate and drive convergence on token standards?
2. Detecting and Responding to Financial Crimes: Payment tokens on blockchain introduces greater transparency, real-time traceability, and enhanced enforcement capabilities, which could enable regulators and financial institutions to detect, monitor, and act on illicit activity more efficiently than ever before. What is the current state of play? What are the existing tools available, how well do they perform and what are the limitations?
3. Payment Controls: TradFi and DeFi take different approach towards payment controls, which has often been framed as efficiency versus safety. Is this still an appropriate characterization? Can we enable efficiency without compromising safety? How are payment controls applied currently by TradFi and DeFi players? How could regulations further evolve to account for these new techniques?

Institutional players are increasingly adopting digital assets, including private sector stablecoins, central bank digital currencies (CBDCs), tokenized real-world assets, and tokenized deposits, as part of their financial infrastructure. With 2025 poised to be the breakout year for digital money, this session brings together financial institutions, regulators, and leaders in the digital assets space to discuss:

• The emerging use-cases and commercial opportunities for on-chain assets, such as improved cross-border transactions and programmable money applications
• The risks institutions will have to navigate when managing their digital money assets, including financial volatility, cyber risks, and compliance concerns
• Integrated approaches to managing assets across the traditional finance and decentralised finance landscape