Panel: Stablecoins and Tokenised Deposits: What is the ecosystem going to look like?

Navigating the Future Digital Finance Landscape 2026

Our panel exploring the future ecosystem for digital money, and how stablecoins and tokenised deposits may co-exist, was a highlight of our recent Future of Digital Finance event jointly hosted with the Global Blockchain Business Council (GBBC).

Speakers:

George Tucker, EVP, General Manager UK & Europe & Global Head of External Affairs, Crypto.com
Julie Ng,Vice President & Senior Analyst, EMEA Structured Finance Group, Moody's Corporation
Matthew Osborne, Policy Director for Europe & UK, Ripple
Sunil Pant, Executive Director, Kinexys by JP Morgan
Michael Brown, Partner, Clifford Chance.

Our key takeaways

Stablecoins, CBDCs and deposit tokens will coexist: Each instrument has different strengths – for example, safety, programmability, global reach, interest‑bearing features. Market demand will therefore be use case‑driven. There is no fixed end state. Progress will be iterative and shaped by regulatory clarity, industry collaboration and the success of interoperability efforts across institutions and blockchains.
Deposit tokens are “new plumbing”, not a new asset class: For banks, tokenised deposits behave like traditional deposits - interest‑bearing, fully on‑balance sheet, and governed by existing prudential frameworks - making them familiar for institutions. Banks see them as a way to address liquidity fragmentation, enabling instant 24/7 cross‑border money movement, something traditional rails struggle to achieve.
Stablecoins are proving the ‘so‑what’ of crypto: Their huge growth in real‑world payments, liquidity management and cross‑border transfers has seen annual transaction levels reportedly exceeding $30 trillion. Institutional demand is rising fast, with companies increasingly using stablecoins for B2B payments, settling digital‑asset trades and as collateral.
Need for standardised risk and regulatory frameworks: Institutional adoption is held back by confidence gaps. Clear tools for assessing credit, liquidity and reserve quality are essential, especially for stablecoins. Fragmented regulatory approaches across the UK, EU and US slow adoption. Consistent global standards on reserves, redemption rights and treatment of tokenised deposits are needed.
“Singleness of money” is a core challenge: For tokenised deposits to scale, banks must be able to settle on‑chain money across institutions and connect on‑chain and off‑chain cash seamlessly.

WATCH RECORDING NOW

Fiver person panel sat on a stage with their pictures and bios on a screen behind them

Matthew Osborne, Policy Director for Europe & UK, Ripple, George Tucker, EVP, General Manager UK & Europe & Global Head of External Affairs, Crypto.com, Julie Ng,Vice President & Senior Analyst, EMEA Structured Finance Group, Moody's Corporation, Sunil Pant, Executive Director, Kinexys by JP Morgan, and Michael Brown, Partner, Clifford Chance in conversation.