Tokens and Stablecoins Rule: Payments Without Borders

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Hosted on the Innovation Stage at Pay360 by Fintech Fringe, this panel brought together legal, policy, and innovation leaders to explore the role of tokenisation and stablecoins in reshaping global payments.

Moderated by Riccardo Tordera Ricchi from The Payments Association, the session examined the urgent need for regulation, why the UK is lagging, and how public and private sectors can better collaborate to unleash real-world innovation. Featuring:

  • Natalie Lewis, Partner – Financial Services and Markets, Travers Smith

  • Tom Duff Gordon, VP for International Policy, Coinbase

  • Andrew MacKenzie, Founder, Agant

Stablecoins Need Fit-for-Purpose Regulation

Tom didn’t mince words:

“Stablecoins are the future of money, but we’re falling behind. The US, Middle East and Asia are already moving. The UK must act now.”

Natalie and Andrew agreed, stressing the importance of regulation that fits the asset class and encourages innovation.

Natalie said:

“We need a liability framework that’s proportionate to the risk, not a copy-paste from traditional finance.”

Private Sector Can Move Faster

Andrew highlighted the efficiency gap between the public and private sectors:

“Finality and RLN have spent years and millions. Meanwhile, startups like ours are building usable, fully backed stablecoins, now.”

De-banking and Education: The Hidden Obstacles

The panel raised real concern about de-banking.

Tom shared that even employees at regulated firms are being denied mortgages due to crypto association.

Andrew revealed his company keeps five bank accounts open, just in case one gets shut down.

“There’s too much fear and not enough understanding,” Natalie added. “Regulators are trying to copy-paste rules they don’t fully understand.”

Why the US Model Matters

Tom explained that while the UK is still debating CBDCs, the US has decided to focus on stablecoins.

“They’ve ruled out central bank digital currencies. That means real-world use of stablecoins will accelerate and the UK must not miss this moment.”

Practical Takeaways

  • Stablecoins offer real product-market fit today. Regulators must move beyond pilot mode.

  • Copy-paste regulation won’t work. Frameworks need to be tailored to digital assets and innovation-led.

  • The UK should learn from US, Abu Dhabi, Singapore, and Hong Kong models instead of reinventing the wheel.

  • De-banking and lack of education are major barriers to innovation. Clarity and consistency are essential.

  • Adoption will be driven by utility: faster settlements, cash liquidity, and capital efficiency.