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Hosted by
Karin Keller-Sutter
Federal Councillor & Head of the Federal Department of Finance, Switzerland
Manuel Klein
Head of Market Management Payments & Digital Currencies
Deutsche Bank
Manuel Klein is Market Manager for Payments and Digital Currencies at Deutsche Bank's corporate bank. He focusses on understanding payment innovation and building a product strategy in particular for digital money solutions in cross border payments. This includes developments of central bank digital currency (CBDC) solutions and the impact they have on the bank as well as blockchain-based payment innovation like tokenized deposits and stablecoins.
Speaking at
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2:00–3:30pmTue 23 JunGFTN InsightsRoundtable Room 2, Ground FloorOpen
Blueprint for Digital Assets
The Future of Commercial Bank Money On-Chain
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Alex GluchowskiCo-founder & Chief Executive OfficerMatter Labs | ZKsync
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Andrew BrinsonChief Operating OfficerPave Bank
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Aymeric SalleyHead of Digital Assets PlatformBanking Circle
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Daniel NagyDirectorForefront
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Keisuke KimuraVice PresidentJapan Cryptoasset Business Association
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Mai KanekoInternational Business LeadDeCurret DCP Inc.
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Manuel KleinHead of Market Management Payments & Digital CurrenciesDeutsche Bank
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Martin BrunckoCo-Founder & Chief Executive OfficerSchuman Financial
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Dr. Michael BlaschkeCo-Host, Head of PartnershipsBitcoin, Fiat, & Rock'n'Roll (BFRR)
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Sébastien Van CampenhoudtDirector, Innovation & Digital Assets, Tokenized Cash LeadEuroclear
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Erwin VoloderDirector, Research & StrategyBlockchain For EuropeModerator
About this session
As the adoption of stablecoins accelerates globally, policymakers and financial institutions are confronting a deeper structural question: what form of money will anchor the next generation of digital finance?
Deposit tokens have emerged as one of the leading responses to this challenge, combining the safeguards of the traditional banking system with the programmability and efficiency of distributed ledger technology. However, despite growing institutional interest, most initiatives remain confined to pilots and closed networks, even as stablecoins rapidly achieve scale, distribution, and integration across digital asset ecosystems.
This roundtable brings together banks, infrastructure providers, and financial institutions to examine the challenges that constrain adoption of tokenized deposits, and the extent to which deposit tokens will coexist with or compete against stablecoins and other forms of digital money. It will also explore the growing push by jurisdictions worldwide to develop local-currency stablecoins as a strategic counterweight to dollar-denominated instruments and what these twin approaches - local currency stablecoins vis-a-vis on-chain commercial bank money - mean for the future shape of digital money.
Critically, the discussion will pose a broader strategic questio: whether tokenized commercial bank deposits can provide a sovereign and trusted foundation for the digital economy, or whether the future of digital money will be predominantly shaped by private stablecoin ecosystems, and the role of jurisdiction-specific stablecoin models therein.
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