The Digital Money Conundrum: Regulated Liabilities, Stablecoins, and the Battle for Cross-Border Efficiency

This panel will dissect the central challenge facing Asia's financial regulators: how to balance the push for institutional innovation through tokenised bank deposits with the organic, market-driven adoption of well-regulated stablecoins for cross-border transactions. Rather than viewing this as a binary competition, the discussion explores this dynamic as a "conundrum"—a complex, interdependent ecosystem that requires a multi-rail solution.

The panelists will move beyond theoretical debate to propose practical regulatory frameworks and interoperable public-private models (such as Project BLOOM and GL1) that could unlock billions in economic value. By making cross-border payments faster and cheaper, the session addresses critical concerns related to settlement finality, financial stability, and the shifting landscape of economic influence in Asia's evolving digital financial ecosystem.