Second Conference on Stablecoins and Tokenization

May 09, 2025

On May 9, 2025, the Federal Reserve Bank of Boston and Federal Reserve Bank of New York will host a virtual "Conference on Stablecoins and Tokenization." The conference, which builds on an initial event held last year, will bring together researchers, regulators, and industry participants to discuss the potential impact of stablecoins and tokenization of cash-like products on the broader financial system, as well as implications for financial stability.

Event Details

Date & Time
May 9, 2025
8:30am – 5:30pm EDT

Location
This is a virtual-only event.

Audience
This conference is open to the public.

Media
This conference is open to media. All remarks are on the record. Media who wish to attend must register by contacting Mariah Measey at mariah.measey@ny.frb.org.

Conference Organizers:
Kenechukwu Anadu, Federal Reserve Bank of Boston
Marco Cipriani, Federal Reserve Bank of New York

Agenda

Each talk is 45 minutes, with 15 minutes for questions; breaks are 15 minutes.

8:30am–8:45am	Welcome Remarks Kartik Athreya (New York Fed)
8:45am–9:30am	Stablecoins: Adoption and Fragility Cristoph Bertsch (Sveriges Riksbank)
9:30am–9:45am	Break
9:45am–10:30am	On the Programmability and Uniformity of Digital Currencies Jonathan Chiu (Bank of Canada) and Cyril Monnet (University of Bern)
10:30am–10:45am	Break
10:45am–11:30am	Keynote Address Monetary Innovation and Financial Architecture Franklin Allen (Imperial College London (ICL)) and Ansgar Walther (ICL)
11:30am–11:45am	Break
11:45am–12:30pm	Novel Activities, Familiar Risks? Potential Financial Stability Implications of New Money-Like Products Kenechukwu Anadu (Boston Fed), Patrick McCabe (FR Board (FRBB)),JP Perez-Sangimino (FRBB), and Nathan Swem (FRBB)
12:30pm–1:30pm	Lunch
1:30pm–2:15pm	Strategic Money and Credit Ledgers Markus Brunnermeier (Princeton) and Jonathan Payne (Princeton)
2:15pm–2:30pm	Break
2:20pm–3:20pm	Information and Market Power in DeFi Intermediation Pablo Azar (New York Fed), Adrian Casillas (Massachusetts Institute of Technology (MIT)), and Maryam Farboodi (MIT)
3:15pm–3:30pm	Break
3:30pm–4:15pm	Optimal Design of Tokenized Markets Michael Lee (New York Fed), Antoine Martin (Swiss National Bank), and Robert Townsend (MIT)
4:15pm–4:30pm	Break
4:30pm–5:15pm	Risk-based Capital for Stable Value Tokens Gordon Liao (Circle), Dan Fishman (Circle), and Jeremy Fox-Green (Circle)
5:15pm–5:30pm	Closing Remarks Kenechukwu Anadu (Boston Fed)

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