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Hosted by
Karin Keller-Sutter
Federal Councillor & Head of the Federal Department of Finance, Switzerland
Eszter Major
Lawyer
State Secretariat for International Finance
Eszter Major works as a lawyer at the State Secretariat for International Finance (SIF). In this capacity, and with over 15 years of expertise, she contributes to regulatory projects in the areas of innovation, emerging financial technologies, capital markets, and financial market infrastructures.
Previously, she held a position as a Team Manager at the Swiss Financial Market Supervisory Authority (FINMA). In her early career, Eszter practiced law at Schellenberg Wittmer.
Eszter holds a law degree from the University of Geneva and an LLM from University College London.
Speaking at
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12:00–1:30pmWed 24 JunGFTN InsightsRoundtable Room 1, Ground FloorOpen
Blueprint for Digital Assets
Global Stablecoin Regulatory Frameworks: From Principles to Practice
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Emma ButterworthHead of Innovation & Payments PolicyBank of England
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Eszter MajorLawyerState Secretariat for International Finance
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Jo YeoDirectorMonetary Authority of Singapore
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Kwadwo BotweFintech SupervisorBank of Ghana
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Marianne BecharaSenior CounselInternational Monetary Fund
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Matthew OsborneDirector of Policy for EuropeRipple
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Nick GershSenior Regulatory CounselPaxos
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Patrick HansenSenior Director, EU Strategy & PolicyCircle
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Peter GoodrichMember of SecretariatFinancial Stability Board
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Peter KerstensAdvisor, DG FISMAEuropean Commission
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Stephanie CabossiorasChief Strategy & Global Policy OfficerSociete Generale-FORGE
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Jannah PatchayExecutive in Residence & Board MemberGlobal Digital FinanceModerator
About this session
The January 2026 publication of the GDF Global Stablecoin Regulatory Playbook marked a pivotal moment in the evolution of digital asset oversight. For the first time, a comprehensive, principles-based framework has been developed, by and for stablecoin issuers, to establish shared terminology, foundational concepts, and outcome-oriented principles for stablecoin regulation across jurisdictions.
Yet the core challenge identified by the Playbook remains urgent: despite growing convergence on broad objectives, significant divergence persists in legal classification, terminology, reserve requirements, and redemption standards across the US (GENIUS Act), EU (MiCA), UK, Singapore, UAE, and beyond.
This fragmentation creates compliance burdens for global issuers, undermines cross-border scalability, and risks undercutting the very benefits - frictionless payments, financial inclusion, monetary efficiency - that stablecoins are positioned to deliver.
This roundtable convenes regulators, policymakers, and senior industry participants to analyse the GDF Playbook's findings, stress-test its recommendations against real regulatory experience, and identify actionable pathways toward greater international alignment.
Why Now?
Stablecoins have moved decisively from experiment to infrastructure. The GENIUS Act has established a federal US framework; MiCA has come into force across the EU; Singapore, Hong Kong, the UAE, and the UK have each enacted or are finalising their regimes. The window for shaping global interoperability, before these frameworks calcify into divergent silos, is narrow.
The GDF Playbook provides a neutral, issuer-grounded reference point from which regulators, policymakers, and industry can build shared understanding. This roundtable is designed to translate that reference point into regulatory action - identifying where equivalence determinations are ripe, where supervisory cooperation agreements should be deepened, and where international standard-setters should focus their attention.
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