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Lesley Chavkin
Head of Policy
Ribbit Capital
View LinkedIn profileLesley Chavkin is currently at Ribbit Capital and is a nonresident senior fellow with the Atlantic Council’s Economic Statecraft Initiative in the GeoEconomics Center. Prior to joining Ribbit Capital, she worked at Paxos, the Stellar Development Foundation and JPMorgan Chase, and also served in a variety of roles at the US Department of the Treasury, including as an international economist in the Office of African Nations, as a senior policy advisor focused on the Middle East, and as Treasury’s financial attaché to Qatar and Kuwait from 2017 to 2020. Chavkin holds a master’s degree in development economics and international security from the Fletcher School at Tufts University and a Bachelor of Arts in political science and international affairs from the University of Washington.
Speaking At
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11:30am–1:00pmTue 17 NovPublic-Private RoundtableRoundtable Room 3Invite-Only
Tokenized Market Infrastructure – The Scaling Challenge
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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Lesley ChavkinHead of PolicyRibbit Capital
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Peter KerstensAdvisor, DG FISMAEuropean Commission
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Rahul AdvaniGlobal Co-Head of PolicyRipple
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Sasha MillsExecutive Director of Financial Market InfrastructureBank of England
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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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