Stablecoins' usage for non-trading purposes is gaining traction just as the U.S. seeks to tighten definitions and obligations with the passing of the GENIUS Act. This has broadly shifted the core question from “is it a security?” to “can it be supervised at scale?” This shift is colliding with real-world frictions: reserve and redemption rules that bite into product design, platform “rewards” that test interest bans, state–federal overlaps, and cross-border compliance where U.S. expectations meet zero-threshold travel-rule regimes abroad. Meanwhile, banks are piloting tokenised deposits under traditional prudential umbrellas, raising fresh questions about coexistence, interoperability, and market structure.

This roundtable brings regulators and operators together for a frank examination on what the U.S. has clarified and what it has not; how non-U.S. regimes align or clash in practice, and what near-term fixes would unlock responsible scale: from passport-like recognition and data standards to supervision that targets real risks. The session takes a much needed step forward in seeking clarity for practitioners.