Many are watching digital asset regulatory developments in the US with great interest, particularly in crypto-based payment tokens such as stablecoins. Stablecoins' usage as digital payment tokens with value stabilising mechanisms for instance is gaining traction just as the U.S. seeks to clarify definitions and tighten obligations with the passing of the GENIUS Act in July 2025.

Finalised details of the Act are expected by January 2027. While the market could expect this to spur further interest in crypto assets, particularly stablecoins, it also asks the important questions of “can stablecoins be supervised at scale?” and how the Act will influence product design, reserve and redemption rules, among other things. As rules around cryptoassets are being clarified around the world, this coincides with banks piloting tokenised deposits raising fresh questions about proportionate regulatory treatment, coexistence and interoperability.

This roundtable brings regulators and token payment providers, including stablecoin issuers, together for a frank examination on the impact of US regulatory clarity on stablecoins and crypto assets, and how other global regulatory regimes are aligned or diverged in practice. This session will also look at the appropriate responses to further promote regulatory alignment and cooperation to ensure the safe and secure cross-border use of stablecoins and other digital assets.