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Michael Manz
Head of the Financial Systems & Financial Markets Department
State Secretariat for International Finance SIF
Michael Manz is head of the Financial System & Financial Markets division at the Swiss State Secretariat of International Finance (SIF). The responsibilities of his division include supporting and consulting the Swiss Federal Department of Finance and the Swiss government and preparing laws and ordinances in the field of financial market regulation, financial stability, financial innovation, combating money laundering and terrorism financing, and international monetary assistance. He represents Switzerland in various international workstreams and supports the membership of the Swiss Ministry of Finance in the International Monetary Fund, the Financial Stability Board and the Financial Action Task Force.
Speaking At
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11:30am–1:00pmTue 17 NovPublic-Private RoundtableRoundtable Room 2Open
The Scaling Challenge in Tokenized MarketsGlobal Frameworks and Shared Best Practices in Payments Chains
Multi-Issuance and Its Alternatives: Making Cross-Border Stablecoin Recognition Work
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Aymeric SalleyHead of Digital Assets PlatformBanking Circle
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Chengyi OngDirector of Policy & Regulatory Strategy, APACCircle
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Jesse McWatersEVP, Head of Global PolicyMastercard
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Jonah CraneHead of Global Regulatory & Policy StrategyStripe
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June LauAPAC Head of Policy & Regulatory AffairsElliptic
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Kwadwo BotweFintech SupervisorBank of Ghana
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Lesley ChavkinHead of PolicyRibbit Capital
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Michael ManzHead of the Financial Systems & Financial Markets DepartmentState Secretariat for International Finance SIF
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Nobuyasu SugimotoDeputy Division Chief of Financial Supervision & RegulationInternational Monetary Fund
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Rahul AdvaniGlobal Co-Head of PolicyRipple
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Rosemary LimExecutive DirectorMonetary Authority of Singapore
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Sasha MillsExecutive Director of Financial Market InfrastructureBank of England
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Valeria ZafarHead of Institutional Market Development, KinexysJP Morgan
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Jannah PatchayExecutive in Residence & Board MemberGlobal Digital FinanceModerator
About this session
The GDF Global Stablecoin Regulatory Playbook, published in January 2026, set out shared terminology and outcome-based principles for stablecoin regulation across jurisdictions. The subsequent report ‘Global Stablecoin Regulatory Frameworks: Closing the Gap’ drawn from insights at the Point Zero Forum in June 2026 took this work a step further. It mapped where regulators already agree and isolated the one problem that domestic frameworks were never designed to solve: how a stablecoin issued under one jurisdiction's rules can circulate safely under another's.
The report framed two models for scaling beyond domestic rules. The first keeps issuance local while seeking to preserve a unified token, through multiple licensed entities issuing a fungible stablecoin under comparable standards. The second permits a foreign-issued stablecoin to operate through recognition based on comparable, rather than identical, regulatory outcomes. It also recorded differing regulatory perspectives on the perceived risk associated with multi-issuance, particularly correlated redemption pressure and the resilience of a stablecoin’s fungibility under stress.
The roundtable convenes policymakers, global standard-setters and industry leaders to examine how these models could operate in practice. When is multi-issuance necessary to meet host-jurisdiction objectives? When can unilateral or mutual recognition provide sufficient safeguards? Where a combination of the two is appropriate, how should responsibility for reserves, redemption, supervision and crisis management be allocated? The session will focus on the conditions needed to make each approach workable while preserving fungibility and avoiding unnecessary regulatory fragmentation.
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