The Future of Money: Interoperability, Trust and the Next Generation of Digital Finance

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Regulated digital money is moving into real-world implementation. Whether it scales depends on two things: systems that work across issuers and blockchains, and counterparties that can identify who is on the other side of a payment.

In this episode of Trust Talks, GLEIF CEO Alexandre Kech speaks with Tony McLaughlin, Founder and CEO of Ubyx, who originated the Regulated Liability Network concept at Citi. Tony describes stablecoins, tokenized deposits, and central bank digital currencies (CBDCs) as the same kind of instrument: a promise to pay, redeemable at par value on demand, with a different balance sheet behind each.

They discuss the Tokenized Cash Management Advisory Group (TCMAG), which GLEIF and Ubyx both sponsor, and why many single-bank pilots of the past decade have not scaled for corporates that work with several banks. Tony puts the trust question in practical terms: before sending a million-dollar stablecoin payment, a treasurer needs to know who owns the receiving wallet. For that reason, he sees a strong potential role for the Legal Entity Identifier (LEI) and the verifiable LEI (vLEI) in digital asset markets. The conversation also covers AI agents in treasury and who stays accountable when an agent moves money.

The one thing to remember: “Consider the point at which every bank and fintech offers wallets to their customers, connected to multiple blockchains. I think that is a kind of singularity.” Tony McLaughlin, Ubyx.

Read GLEIF’s working paper: Agentic AI in Payments: Establishing Interoperable Trust and Control

Listen now: linktr.ee/TrustTalks