Peter Kerstens

As global geopolitical tensions rise, progress towards regulatory harmonisation on digital assets has been increasingly imperilled, with divergent attitudes adopted across the United States, EU, and Asia.  

This panel brings together a much-needed conversation between industry leaders, central bankers and regulators on the global state of regulatory approaches towards stablecoins, digital assets, and crypto-currencies, how these different approaches will affect the global digital assets and payments ecosystem, and the role of international cooperation in developing cohesive regulatory frameworks. 

As technology advances, so do the tactics of illicit actors. Criminal networks are leveraging artificial intelligence (AI) and blockchain to launder money, conduct fraud, and evade detection at unprecedented speed and scale. At the same time, these same technologies hold the key to turning the tide—enhancing transparency, accelerating detection, and strengthening financial crime controls.

This roundtable will explore the dual-use nature of AI and blockchain in financial crime, unpacking key questions such as:
- How criminals are weaponising AI for money laundering, fraud, and deepfake-driven scams—and how financial institutions can counteract these threats using AI-powered defenses
- How AI’s predictive capabilities and blockchain’s transparency can work together to enhance compliance, improve regulatory oversight, and disrupt criminal networks
- Emerging challenges, including AI bias, privacy risks, and the arms race between law enforcement and bad actors leveraging next-gen technology

By convening policymakers, financial industry leaders, and technology experts, this discussion will examine how we can turn these emerging technologies from a double-edged sword into a powerful force for financial security and integrity.

Stablecoins are emerging as a serious contender for cross-border transactions, offering faster settlement, lower costs, and reduced reliance on traditional banking rails. Recent developments signal that major payment service providers (PSPs) are beginning to explore stablecoins as part of their core infrastructure, while other incumbents have maintained their commitment to fiat-based transactions.

Herein also lies the question of fungibility. Are all stablecoins truly exchangeable across networks, jurisdictions and use cases, or do regulatory and operational constraints create fragmentation risks? If stablecoins are to become a mainstay in global payments, PSPs must navigate liquidity, compliance and interoperability challenges that could either accelerate adoption or hinder scalability.

Discussion themes:

1. The growing role of stablecoins in cross-border payments - Are lower costs, instant settlement, and financial inclusion advantages enough to drive broader PSP adoption?
2. Strategic moves in the payments industry – What does the acquisition of a stablecoin platform signal about the future of PSP-stablecoin integration, and will it force competitors to reconsider their stance on stablecoins?
3. The fungibility challenge - How do differences in issuance models, reserve structures, and regulatory classifications affect stablecoins' usability across different payment rails and jurisdictions?
4. Regulatory and market barriers – What are key regulatory, liquidity, and operational challenges preventing PSPs from fully embedding stablecoin-powered payments into their infrastructure? What's needed to bridge the gap between stablecoins and traditional finance?

This session is held in collaboration with the Ripple Policy Summit.

Stablecoins have introduced a new paradigm for digital finance, offering the promise of faster payments, greater financial inclusion, and seamless cross-border transactions. But with this potential comes risk—from financial crime and illicit activity to consumer protection gaps and systemic market threats. As regulators race to put the right guardrails in place, the question remains: What does an optimal regulatory framework for stablecoins look like?

Tighter oversight could bring greater legitimacy and mainstream adoption, but at what cost? Could excessive restrictions stifle innovation and limit stablecoins’ ability to compete with traditional finance? Meanwhile, financial institutions are stepping into the space, bridging the divide between regulated banking and digital assets—but is this the answer to ensuring stability, or simply a step toward the centralization of stablecoins?

This discussion brings back the banking and crypto voices from the three-part debate (Battle Royale of Payments,  Digital Currency Showdown and Stablecoins vs Tokenised Deposits) with policy experts to tackle the key risks of ML/TF compliance, consumer protection, and financial stability. Expect a hard-hitting discussion on the future of stablecoin regulation as we break down the real risks, real opportunities, and real regulatory solutions that will determine whether stablecoins remain an experimental asset class—or the foundation of the next financial revolution.