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

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

2:30pm–3:15pm
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)