The conversation around stablecoins has evolved significantly over the last few years—from speculative curiosity to legitimate financial infrastructure. At the Digital Accord Summit, a highly relevant panel “Bridging TradFi and Blockchain: Corporate Applications and the Role of Stablecoins” moderated by Michelle O’Connor, VP of Global Market Expansion and Innovation, Taxbit, brought together a diverse group of industry experts, including:
- Madeleine Boys, Director of Programmes and Innovation, Global Digital Finance
- Jess Houlgrave, CEO, Reown
- Chloe Nightingale, Founder, web3 Growth & Strategy, NIGHT3 Consulting
- Caner Sevinc, Sr. Corporate Counsel, Gemini
Together, they unpacked the current state of corporate adoption, the regulatory landscape, and the real-world use cases signaling that the digital economy is maturing—albeit not without friction.
Tokenization as a Trojan Horse for Institutional Adoption
It’s no longer a question of if TradFi will interact with digital assets, but how. Tokenization—particularly of traditional financial instruments—has become a vehicle for large institutions to cautiously enter the space. As Boys put it, tokenization has become “a key facilitator… in getting the buy-in from large institutions,” particularly around use cases like collateral mobility and optimization.
Rather than pushing for a wholesale reinvention of financial markets, tokenization is serving as an enhancement layer for existing infrastructure. That’s where the conversation is trending—and it’s what’s pulling reluctant TradFi players into the fold.
Stablecoins: From Speculation to Settlement
The discussion around stablecoins revealed a critical truth: while much of the hype has centered around retail use cases and remittances, the bulk of stablecoin demand today is being driven by traders and institutions. As Sevinc noted, “More than 90% of the current use case of stablecoins has been in trading… because traders want quick settlement” and access to liquidity without the friction of ramping in and out of fiat.
But that’s beginning to shift. Stablecoins are now surfacing in use cases far beyond trading—from E-commerce checkout flows to agricultural trade finance in South Africa. Houlgrave highlighted the growing number of point-of-sale pilots and integrations with major payments firms, saying, “We’ve gone from speaking with payments companies to building with them.”
Nightingale pointed to Agridex in South Africa as a compelling real-world example, where farmers now receive instant payments via USDT instead of waiting months. “The fees are almost negligible compared to traditional rails,” she said. “And for these businesses, that’s transformational.”
The Regulatory Paradox: Clarity vs. Complexity
Stablecoins have always lived in a kind of regulatory twilight zone—but that’s changing. With frameworks like MiCA in the EU and evolving rules in the UK and Asia, there’s growing clarity around how stablecoins should be labeled, issued, and backed.
Still, the complexity isn’t going away. Houlgrave captured this elegantly: “The industry loves acronyms and words that don’t quite mean what they represent. Stablecoins are no different.” And while the consumer experience might eventually abstract away the underlying complexity (“you’ll just see a USD balance”), we’re not there yet.
Boys added a critical point: regulatory perception is changing not just at the consumer level but among global institutions. “Stablecoins are now being discussed as key infrastructure components in financial markets,” she noted, referencing recent moves by Standard Chartered and StockgenForge. These aren’t experiments. They’re strategic bets.
Issuing Your Own Stablecoin? Think Again.
With Fidelity, PayPal, and even governments exploring their own stablecoins, the panel debated whether we’re headed toward a stablecoin proliferation or a consolidation phase.
Houlgrave argued bluntly that too many stablecoins create chaos: “We’re creating a monster… Most users don’t understand the chain or who issued the coin, and they shouldn’t have to.” If each issuer continues to go it alone, we risk recreating the same silos that blockchain was supposed to break down.
Nightingale added an on-the-ground perspective: in regions like Kenya and South Africa, trust in third-party stablecoins is low. “They’d rather issue their own,” she explained, “because it feels more in their control—even if they’re already using USDT or USDC.”
While the motivations vary—regulatory, political, or practical—the fragmentation trend is real. But the panel agreed: someone will have to simplify the user experience, or we’ll end up layering rent-seeking intermediaries on top of an already complex system.
Beyond Money: Tokenization of Other Real-World Assets
The closing discussion explored whether tokenization could extend meaningfully beyond stablecoins and into sectors like real estate, carbon credits, and luxury goods. The panel was cautiously optimistic.
Houlgrave argued that the next wave of tokenization will center on assets that already have well-understood custody infrastructure—think equities and real estate. “Tokenizing something like diamonds is different than tokenizing a house,” she said. “You need enforceability and clear ownership.”
Nightingale pointed to niche but promising innovations, such as Crypto Autos, a decentralized car marketplace. Boys added carbon credits to the list, noting that “tokenization can bring transparency and integrity” to markets long criticized for lack of accountability.
Still, the consensus was clear: the tokenization of non-financial assets is coming—but the foundational legal and market rails need to catch up first.
Final Takeaway: Simplicity Drives Adoption
The overarching message of the panel was that real-world adoption is gated not by innovation, but by complexity. Whether it’s choosing the right chain, selecting a stablecoin, or navigating a murky regulatory patchwork, institutions—and their users—need simplicity to engage confidently.
The path forward? Clarity in regulation, smarter UX, and interoperable infrastructure. The crypto-native world has built the tools. Now it’s up to the broader ecosystem—TradFi, regulators, and developers—to make them usable.
As one audience poll revealed, nearly 75% of attendees already held stablecoins. That number would’ve been far lower just a year ago. The inflection point isn’t theoretical anymore. It’s happening.
To learn more, watch the full panel discussion on demand today.
