In May 2017, the total market capitalisation of Stablecoins was under 100m USD in value. Today that figure is equivalent to 24bn USD. With over 45 Central Banks conducting measurable testing of CBDCs today, the future of standard-issue currencies remains unknown. However, one thing is certain: several actors are currently working to shape this future.
This important and current topic inspired INATBA’s Finance Working Group to invite multiple industry-leading stakeholders to our CBDC, Stablecoin and Seigniorage Shares roundtable held on 12 November 2020. The event was divided into three parts: two, hour-long roundtables on CBDCs and Stablecoins respectively, were followed by closing remarks from Mr. Robert Sams, CEO and Co-founder of Clearmatics, Cofounder of Universal Settlement Coin, and a thought leader on Algorithmic stablecoin research.
CBDC Speakers included:
- Henry Holden – Adviser at the Bank of International Settlements Innovation Hub
- Andrea Pinna – Lead Expert of the European Central Bank Innovation Team
- John Kiff – Senior Financial Sector Expert, Global Financial Stability Division in the Monetary and Capital Markets Department at the International Monetary Fund
- Ahmed Faragallah – Senior Financial Sector Specialist at the World Bank
Stablecoins speakers included:
- Julien Le Goc – Director of Policy at the Libra Association
- Steven Becker – COO and President of the Maker Foundation
- Rafael Cosman – CEO and Cofounder of TrustToken
- Manny Rincon-Cruz – Co-author of Ampleforth’s Whitepaper and Monetary Historian at the Hoover Institute
The discussion focused on numerous topics, ranging from an explanation of each speaker’s work to the nature of money and the future of stablecoins and CBDCs. The speakers also took the time to discuss use cases, including how these differ from product to product and barriers facing mainstream adoption.
Will a global decentralised unit of account that is based purely on crypto be realised? Will CBDCs outcompete stablecoins, or educate the next wave of potential customers about them? These questions lack a definitive answer, but you can join our future events to learn from the assembled experts and form your own conclusions.
INATBA acts as a global convener in the blockchain industry. We look forward to working with our members on the most cutting-edge policy and crypto industry topics. Our upcoming events include an educational roundtable on Decentralised Finance (DeFi), which will take place on 17 December.