14th ILF Conference on the Future of the Financial Sector: “Stablecoins, CBDCs, Tokenization – The New Frontiers of Money?”
On 27 January 2026, the ILF hosted the 14th Conference on the Future of the Financial Sector, co-chaired by Andreas Dombret and Patrick Kenadjian. The conference examined the evolving architecture of money, focusing on stablecoins, central bank digital currencies (CBDCs), and tokenization.
In his keynote, Barry Eichengreen (University of California, Berkeley) analyzed the U.S. GENIUS Act and its implications for Europe. He argued that inaction is not an option and advocated a diversified European response, including the development of local currency alternatives to dollar-denominated stablecoins, stronger cross-border fast payment linkages, and continued experimentation with CBDCs.
The first panel, moderated by Andreas Dombret, explored the evolution and risks of stablecoins. Marion Laboure (Deutsche Bank and Harvard) outlined their development and systemic implications. The discussion addressed use cases beyond crypto markets, competing technologies such as fast-payment systems and tokenized bank deposits, and the regulatory framework under the EU’s MiCAR regime. The following panel, moderated by Stephen Martin (AWS), considered whether CBDCs—retail or wholesale—provide a viable response to stablecoins. Lucrezia Reichlin (London Business School) emphasized the hybrid nature of money and argued that access to central bank money remains essential for systemic stability. Panelists debated the distinction between money and payment systems and its implications for CBDC design.
In a conversation on financial innovation, Andreas Dombret spoke with Klaas Knot (former President of De Nederlandsche Bank and former Chair of the Financial Stability Board). They examined post-2008 risk shifts from credit to liquidity risk, the rise of private credit, and the complementary roles of public and private money. The second keynote of the conference, delivered by Hyun Song Shin (Bank for International Settlements), reflected on money as a coordination device, tracing lessons from early modern banking to contemporary blockchain systems. He underscored trade-offs between decentralization and scalability and discussed how layer 2 solutions seek to address congestion in decentralized networks.
The final panel, moderated by Patrick Kenadjian, assessed whether tokenization and unified ledgers offer a more coherent solution. Gokce Ozcan (Oliver Wyman) provided an overview of tokenized deposits, followed by Gaston Gelos (BIS), who outlined the BIS proposal for unified ledgers combining tokenized bank deposits with tokenized central bank money, and other tokenized assets. The discussion examined current projects, including those pioneered by JP Morgan, and highlighted operational and risk considerations. In his concluding remarks, Ignazio Angeloni (former member of the Supervisory Board of the European Central Bank) framed the stablecoin debate as fundamentally political. He compared MiCAR and the GENIUS Act, raised reputational concerns surrounding a potential retail digital Euro, and emphasized the continued relevance of wholesale CBDCs.
Source & Photo: ILF
