Stablecoins have moved out of the regulatory grey zone and into a proper legal framework. That shift changes the question facing every institution, from whether to engage at all to exactly how. Regulators in different markets are setting the terms at different speeds, and institutions no longer have the luxury of waiting for global consensus before deciding. This discussion works through the practical choices on the table: issuing, distributing or custodying stablecoins directly, against the risk of simply watching deposits drift toward whichever option moves fastest. Participants leave with a sharper sense of where their own institution sits on that spectrum, and what waiting actually costs under the new rules. One key question the discussion will dive into: whether to issue, distribute or custody stablecoins themselves, or simply watch deposits migrate to them regardless.

Tokenization is moving real-world assets such as treasuries, funds and credit onto new digital rails. The technology is advancing quickly. The harder question is whether the legal and regulatory framework can keep pace. When an asset becomes a token, does it retain the same rights and protections? Who owns the underlying asset? Which jurisdiction's rules apply when the token crosses a border? And what happens when different markets take different approaches? This conversation brings regulators and market participants together to examine where the rules are clear, where they diverge, and what still needs to be resolved for tokenized assets to scale.

Tokenized deposits and conditional money take the programmability idea one layer deeper. They pilot whether settlement, eligibility and compliance can be embedded directly in the money rather than enforced around it. That raises a regulatory question few frameworks have caught up with: who is liable when the rule embedded in the transaction, not a human decision, turns out to be wrong. This discussion examines how the embedded-rules approach works in practice, and what it removes from the compliance function. It also looks at what new failure modes this introduces once the rule is baked into the transfer rather than checked afterwards. Attendees leave with a clearer view of where this model is genuinely ready, and where regulators are still working out how to hold it accountable. One key question the discussion will dive into: if compliance is embedded in the money itself, who is accountable when the embedded rule is wrong?