Tokenized money is going plural — stablecoins and tokenized bank deposits are both moving toward live enterprise use in 2026, but they hold their value at par through different mechanisms, and each faces a different test under stress. Stablecoins hold par through reserves and redemption, now being formalized by 2026 rulemaking, from the GENIUS Act to MiCA; under stress, the question is whether reserves and redemption queues hold up in a run. Tokenized deposits hold par through the existing two-tier banking system and a central bank's guarantee of convertibility, but scale through interbank plumbing that's still being decided — settlement-bank arrangements or shared platforms. Under stress, the question there is whether that plumbing, and the counterparty exposure it creates, holds up if a bank or a platform fails.

As regulators and participants warned at the Point Zero Forum, the open question is whether convertibility at par survives a crisis in practice, on any of these rails. This session asks what needs to be built at each stage — reserve or capital backing, custody or bank participation, secondary-market trading, and cross-ledger settlement — for that convertibility to hold under stress. It puts reserve-backed and deposit-backed models on equal footing: where each is already resilient, where each is still exposed, and whether a fragmented rails landscape is itself becoming the bigger risk to singleness than any one model's design.

Tokenization projects today are often built vertically, with each initiative solving a specific problem within its own ecosystem. Yet tokenizing an asset in isolation does not deliver the full potential of tokenization. Benefits such as atomic settlement and greater capital efficiency depend on interoperability across the entire transaction chain — from the asset and its supporting infrastructure to trading, settlement and the movement of money. The challenge is how countries and institutions can pursue their own tokenization ambitions while avoiding the fragmentation that siloed approaches risk creating.

This roundtable brings together findings from a year of open-call research, alongside problem statements and perspectives from private-sector practitioners navigating the practical choices, risks and constraints of tokenization. It will explore how a decision-making framework can help countries assess their starting points and ambitions, identify the capabilities required across the transaction chain, and consider different pathways towards more interoperable markets. Looking ahead to 2027, participants will discuss emerging problem statements and the coordination, partnerships and policy support needed to connect individual initiatives into a more coherent financial ecosystem.

Global Layer One (GL1) has brought together policymakers, financial institutions and infrastructure providers to advance an ecosystem of open, interoperable and trusted digital infrastructures. This collaboration has produced practical outputs such as the Programmable Compliance Toolkit, which provides a common approach to implementing compliance across tokenized asset systems, and the Market Infrastructure Toolkit, which is already being used by market infrastructure providers to assess and demonstrate alignment with internationally recognised standards and risk management principles.

This roundtable convenes the GL1 community to share experiences from adopting and applying these toolkits, including practical implementation lessons and considerations for broader adoption. Participants will also look ahead to how this work can be extended to support new use cases and capabilities as the industry progresses towards a programmable financial system.