Shearman & Sterling and the Global Blockchain Business Council (GBBC) convened a panel on Monday, November 4, to discuss the world’s most talked about digital assets – stablecoins, and their proliferation on a global scale. The event took place in Shearman & Sterling’s New York office and its participants included:
A number of companies, particularly those in the banking and technology sectors, have announced or discussed plans to launch their own stablecoins, typically to be used as either a medium of exchange or for trade settlement. These initiatives have sparked global debate on mainstream media and attracted significant attention from governments and regulators around the world.
The evening’s dialogue focused on the impetus for companies launching enterprise digital assets, including factors such as the fast settlement of cost-efficient transactions without incurring the risk of price volatility, as well as questions raised around the regulations of such coins. How accessible should they be? What are the AML and transparency concerns and how will they be addressed? Who ultimately should be responsible for the monetary policy of these coins?
Discussions also focused on what the future holds for stablecoins and what is needed next from a legislative perspective. Many of the participants agreed that the success of the digital asset will hinge on strategic and coordinated efforts from the relevant regulatory bodies both on a national and global level.