The Digital Euro Conference 2025: A Recap

On March 27, 2025, the Digital Euro Conference (DEC25) convened at the Frankfurt School of Finance & Management, bringing together policymakers, financial experts, technologists, and innovators to discuss the future of digital money. Organized by the Digital Euro Association (DEA), the conference featured a dynamic agenda across three dedicated tracks: the Main Stage (Audimax), Innovation Room, and Roundtable Room.

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Audimax (Main Stage): 

Innovation Room: 

The following is an in-depth overview of the main highlights and key insights derived from the conference:

Main Stage (Audimax): Keynotes and Panel Discussions

Welcome Introduction

The conference commenced with a welcome address by Dr. Jonas Gross, Chairman of the DEA, and Anne-Sophie Gógl, Manager at KPMG and Vice Chairwoman at DEA. They began the conference by extending a heartfelt welcome to the more than 600 attendees and setting the stage for a day of insightful discussions on the evolving landscape of digital money.​

To conclude their address, they announced three significant partnerships with Accenture, Union Investment and KPMG.

Dr. Jonas Gross and Anne-Sophie Gógl

Opening Keynote: The Future of the Digital Euro

Dr. Alexandra Hachmeister, Director General Digital Euro at Deutsche Bundesbank, delivered the opening keynote, providing an update on the progress and challenges in developing a digital euro.​ She provided strategic insight into the Deutsche Bundesbank’s role in shaping the Digital Euro ecosystem and highlighted the importance of inclusivity, innovation, and regulatory clarity in the next phases of digital currency adoption. Her remarks bridged macroeconomic priorities with emerging technological frameworks, reinforcing the need for public-private alignment.

Dr. Alexandra Hachmeister - Deutsche Bundesbank

Panel Discussion: Progress of Private Sector Alternatives: Stablecoins and Tokenized Deposits

A panel featuring Sonja Davidovic (IMF), Jens Paulsen (Deloitte), Alexander Höptner (AllUnity), and Joachim Wuermeling (ESMT Berlin), moderated by Lena Grale (DEA), discussed the advancements in stablecoins and tokenized deposits as private sector alternatives to central bank digital currencies.​

(from left to right): Lena Grale - DEA, Jens Paulsen - Deloitte, Sonja Davidovic - IMF, Alexander Höptner - AllUnity and Joachim Wuermeling - ESMT Berlin

Panel Discussion: Advancing the Digital Euro Ecosystem: Building a Dynamic Ecosystem

Experts, including Clément Jozwiak (Worldline), Jan Haas (msg for banking), Dr. Jan Rosam (EY Germany), Menno Broos (De Nederlandsche Bank), and Atze Faas (EuroCommerce), moderated by Anne-Sophie Gógl (KPMG & DEA), explored strategies for building a dynamic digital euro ecosystem.​

(from left to right): Anne-Sophie Gógl - DEA, Jan Haas - msg for banking, Atze Faas - EuroCommerce, Dr. Jan Rosam - EY, Clément Jozwiak - Worldline and Menno Broos - De Nederlandsche Bank

Keynote: Switzerland’s Role in Digital Tokens Ecosystem - Exploring the Future Impact of wholesale CBDC Issuances

David Newns, Head of SDX, highlighted Switzerland's leadership in the digital token ecosystem and the future impact of wholesale CBDC issuances.​

David Newns - SDX

Panel Discussion: Lessons from ECB Wholesale CBDC Trials & Experiments

Philipp Köhler-Brinkmann (KPMG), Holger Neuhaus (ECB), Maximilian Pfeifer (Oesterreichische Nationalbank), Johannes Duong (Oesterreichische Nationalbank), Adeline Bachellerie (Banque de France), moderated by Anne-Sophie Kappel (DEA), shared insights from their wholesale CBDC trials, discussing implications for financial markets.​

(from left to right): Anne-Sophie Kappel - DEA, Philipp Köhler-Brinkmann - KPMG, Holger Neuhaus - ECB, Maximilian Pfeifer - Oesterreichische Nationalbank, Johannes Duong - Oesterreichische Nationalbank, Adeline Bachellerie - Banque de France

Keynote: The Role of Central Banks for a Tokenized Economy

Nils Beier, Managing Director at Accenture GmbH, addressed the role of central banks in a tokenized economy, emphasizing the need for innovation and adaptability.​ He urged central banks to take a proactive and experimental approach in developing digital currency frameworks. He emphasized that tokenization is no longer a futuristic concept, but a present challenge requiring infrastructure, regulation, and trust. 

Nils Beier - Accenture

Panel Discussion: Tokenization Into the Mainstream

Alessandro Fraga (Banco Central do Brasil), Humphrey Valenbreder (Partior), John Ho (Standard Chartered Bank), and Nick Kerigan (Swift), moderated by Tamara F. Schmidt (DEA), discussed how tokenization is reshaping the future of assets.​ Panelists exchanged insights on the technical, regulatory, and legal considerations needed to make tokenized assets viable at scale. From central bank pilots to commercial applications, the speakers emphasized interoperability, infrastructure modernization, and smart regulatory alignment as pivotal enablers.

(from left to right): Tamara F Schmidt - DEA, Alessandro Fraga - Banco Central do Brasil, Nick Kerigan - Swift, John Ho - Standard Chartered Bank and Humphrey Valenbreder - Partior 

Fireside Chat: Stablecoins Under the Lens - Navigating Security, Interoperability, Regulation, and Market Adoption

Clarisse Hagege (Dfns) and Jannah Patchay (Global Digital Finance) explored security, regulation, and interoperability in the stablecoin space.​ Clarisse emphasised that institutions must embed cybersecurity into core architecture as digital asset adoption expands. She stressed that cybersecurity cannot be an afterthought but must be built into the very core architecture from the outset. Using real-world examples, she illustrated how current custodial vulnerabilities could compromise large-scale adoption if not addressed properly. Clarisse also pointed out that while regulatory frameworks like MiCAR evolve, the technology must move faster to guarantee secure, scalable, and compliant digital asset ecosystems. “If we don’t treat security as an embedded service — not a layer you add later — we are simply recreating old vulnerabilities with new tools.”

(from left to right): Jannah Patchay - Global Digital Finance and Clarisse Hagege - Dfns 

Panel Discussion: Bridging Traditional Finance with Tokenized Deposits

Marcy Dumitrescu (R3), Claus George (DZ BANK), Tony McLaughlin (Ubyx Inc.), and Manfred Richels (DSGV), moderated by Conrad Kraft (DEA), examined how traditional finance can integrate with tokenized deposits.​

(from left to right): Conrad Kraft - DEA, Claus George - DZ BANK, Marcy Dumitrescu - R3, Manfred Richels - DSGV and Tony McLaughlin - Ubyx Inc.

Panel Discussion: The Golden Age of Stablecoins? Life after MiCAR

Clarisse Hagege (Dfns), Michael Wild (dEURO Association), Patrick Hansen (Circle), Dr. Joachim Schwerin (European Commission), moderated by Lena Grale (DEA), discussed the MiCAR impact on the stablecoins market.

(from left to right): Lena Grale - DEA, Clarisse Hagege - Dfns, Michael Wild - dEURO Association, Patrick Hansen - Circle, Dr. Joachim Schwerin - European Commission 

Keynote: Payment Regulation in Practice - What is relevant for Banks in 2025?

Clément Robert (Ernst & Young Business Advisory Services) and Jakob Bouchetob (EY Consulting GmbH) presented the payment trends and regulatory changes in the European Union.

Clément Robert - Ernst & Young Business Advisory Services

Jakob Bouchetob - EY Consulting GmbH

Panel Discussion: The European Digital Identity on the Horizon: Gamechanger or Flop?

Alexandre Kech (GLEIF), Marcus Nasarek (SPRIN-D), Steffen Schwalm (msg security advisors), moderated by Dr. Jonas Gross (DEA), shared insights on the European digital identity.

(from left to right): Dr. Jonas Gross - DEA, Alexandre Kech - GLEIF, Marcus Nasarek - SPRIN-D, Steffen Schwalm - msg security advisors

Closing Remarks & Wrap-Up

Dr. Jonas Gross concluded the conference by reflecting on the day's discussions and the path forward for digital money.​

Dr. Jonas Gross - DEA

Innovation Room

The Innovation Room featured presentations from industry leaders on the latest developments in digital finance. Immanuel Robles y Zepf, Selin Kilic, Ahmed Amine Gargoura and Keanu Herold from the DEA moderated the sessions:

Ripple and the RLUSD Stablecoin: Matthew Osborne discussed Ripple's initiatives in the European digital currency landscape.​

Matthew Osborne - Ripple

Quality & Stablecoins: Allan Pedersen and Kam Dylan introduced Eurodollar's approach to digital currency.​

Kam Dylan - Eurodollar

Allan Pedersen - Eurodollar

Retail Central Bank Digital Currency (CBDC) Landscape: John Kiff provided an overview of global retail CBDC developments. He explained that a “fail fast, learn fast” approach allows institutions to adjust technical designs before mass deployment. Also, detailed several pilot case studies, such as the cross-border payment trials between Hong Kong and Thailand, emphasizing interoperability, privacy trade-offs, and real-world user behaviour as critical areas of study. Kiff’s presentation reinforced that experimentation, coupled with transparent learning processes, is vital for building CBDCs that can thrive in complex, real-world financial systems.

John Kiff 

Thesis Awards: Finalists Abdurrahman Aydinhan, Michael Dours, and Willem Vincent presented their research, with Conrad Kraft hosting the award ceremony.​

(from left to right): Conrad Kraft - DEA, Michael Dours

Unlocking Production Blockchain with Paladin: Programmable Privacy for EVM: Javier Garcia (Kaleido) showcased Paladin's solutions for programmable privacy in EVM-compatible blockchains.

Javier Garcia - Kaleido

Bank of Korea Research and Findings: Hyung Koo Lee presented the Bank of Korea’s multi-phase approach to tokenized deposits and CBDC experimentation. In 2023, foundational legal and stakeholder mapping was conducted. By 2024, pilot systems were built, with a plan to onboard up to 100,000 general users to test token enablement in real-world payments. Key findings underscored the potential for digital tokens to reduce settlement risk and enhance real-time, dispute-free transactions. The PoC (Proof of Concept) included digital asset IPO simulations, tokenized deposits, and interoperability across external payment infrastructures.

Hyung Koo Lee - Bank of Korea

Digital Tenge Updates: In this session, John Velissarios shared recent innovations from the Digital Teng project, including the execution of tokenized IPOs and asset issuance platforms. Emphasis was placed on cross-border payment efficiency, scalable architecture, and transparent regulatory pathways. His updates reflected the shift toward creating real utility for digital tokens, beyond the lab and into regulated financial environments.

John Velissarios - Otranto Limited

Digital Innovation from the Central Bank of Turkey: Dr. Hatice Karahan shared Turkey’s approach, highlighting that their CBDC project aims to reinforce the efficiency of their existing fast payment system (FAST) rather than to replace cash completely. She underscored that Turkey’s roadmap includes research into offline CBDC transactions, cyber resilience, and preserving monetary policy effectiveness amid rapid technological change.

Dr. Hatice Karahan - Central Bank of the Republic of Türkiye

Digital Innovation from the National Bank of Georgia: Varlam Ebanoidze discussed Georgia’s strategic focus on fostering a fintech-friendly ecosystem while piloting blockchain-based financial products.

Varlam Ebanoidze - National bank of Georgia

Digital Innovation from the Central Bank of Brazil: Alessandro Fraga presented Brazil’s “Drex” initiative, where the Central Bank of Brazil is working with private institutions to create a tokenized economy while focusing on financial inclusion for underserved populations.

Alessandro Fraga - Banco Central do Brasil

An Introduction to the Wyoming Stablecoin: Debra Brookes introduced the Wyoming Stablecoin Commission and the Stable Token initiative, outlining its key benefits, potential use cases, and the project's upcoming milestones.

Debra Brookes - Wyoming Stable Token Commission

Main Conclusions from the Central Bank of Hungary’s Retail CBDC Project: Anikó Szombati shared key insights from the Central Bank of Hungary’s retail CBDC initiative, Student Safe, and discussed potential directions for future developments.

Anikó Szombati - Magyar Nemzeti Bank

First ever Granted License in Switzerland to Trade and Settle DLT Financial Instruments - How BXDigital will Shape the Future: Dirk Kruwinnus explained how BX Digital is preparing to become DLT-ready following its newly granted license, and explored how distributed ledger technology will transform their business model moving forward.

Dirk Kruwinnus - BX Digital / Börse Stuttgart Group

How Rayls is solving privacy and scalability for the Central Bank of Brazil CBDC project?: Alex Buelau showcased how Rayls, a product by Parfin, is being integrated into the Central Bank of Brazil’s DREX pilot, focusing on enhancing privacy and scalability within the system.

Alex Buelau - Parfin / Rayls

Roundtable Room

The Roundtable Room facilitated in-depth discussions on critical topics in digital finance. Jaskaran Singh, Atakan Kavuklu and Lukas Allwang from the DEA moderated the sessions.​

MiCAR Licensing: Challenges and Opportunities

Matthew Osborne (Ripple), Patrick Hansen (Circle), Michael Wild (dEURO Association), Prof. Dr. Sebastian Omlor (University of Marburg), facilitated by Prof. Dr. Christoph Kreiterling (Hochschule Trier), discussed challenges and opportunities in MiCAR licensing.​

(from left to right): Patrick Hansen - Circle, Prof. Dr. Sebastian Omlor - University of Marburg, Matthew Osborne - Ripple, Prof. Dr. Christoph Kreiterling - Hochschule Trier

Tokenized Deposits, Tokenized MMFs, and Stablecoins: Risks and Opportunities

Basak Toprak (Kinexys), John Ho (Standard Chartered Bank), Dr. Vic Arulchandran (Deutsche Börse), Patrick Hansen (Circle), Abhinav Goel (Partior), facilitated by Javier Garcia (Kaleido), examined risks and opportunities in tokenized financial instruments.​

(from left to right): Dr. Vic Arulchandran - Deutsche Börse, Patrick Hansen - Circle, Abhinav Goel - Partior, Basak Toprak - Kinexys, John Ho - Standard Chartered Bank, Javier Garcia - Kaleido

Building a Sound Stablecoin Ecosystem

Bernhard Schweizer (SAP), Dr. Jan Rosam (EY Germany), Alexander Höptner (AllUnity), facilitated by Elise Soucie Watts (GDF), discussed building a robust stablecoin ecosystem.​

Roundtable Room

The Future of Public Permissionless Blockchains

Basak Toprak (Kinexys), Joris Dekker (ABN AMRO), Vid Hribar (Raiffeisen Bank International), Alex Buelau (Parfin), facilitated by Stefan Grasmann (Zühlke), explored the future of public blockchains.​

(from left to right): Stefan Grasmann - Zühlke, Alex Buelau - Parfin / Rayls, Basak Toprak - Kinexys, Vid Hribar - Raiffeisen Bank International, Joris Dekker - ABN AMRO

Public Debt and Digital Finance

Miguel Fernández Ordóñez (Former Governor of Banco de España), Martijn van der Linden (The Hague University), facilitated by Thomas Mayer (Flossbach von Storch Research Institute), discussed the intersection of public debt and digital finance.​

(from left to right): Thomas Mayer - Flossbach von Storch Research Institute and Miguel Fernández Ordóñez - Former Governor of Banco de España

(from left to right): Miguel Fernández Ordóñez - Former Governor of Banco de España, Martijn van der Linden - The Hague University 

Rethinking CBDCs: Risks, Repercussions, and Alternatives

Dr. Michael Salmony (Payments Innovation Consulting), Prof. Dr. Peter Bofinger (University Würzburg), Dr. Wolfram Seidemann (Giesecke+Devrient), facilitated by Alexander Bechtel (DWS), presented a deep discussion on CBDCs.

(from left to right): Dr. Wolfram Seidemann - Giesecke+Devrient, Dr. Michael Salmony - Payment Innovation Consulting, Prof. Dr. Peter Bofinger - University Würzburg, Alexander Bechtel - DWS

Here’s what a few of the attendees had to say about the event:

“It was a wonderful experience that brought a sense of being involved in the future, already today.” - Oleksandr Solovey

“Impressive, how this conference developed from a niche to the 'go-to' event on the topic of CBDC and digital currencies.” - Monika Schöning

“Great event as all relevant experts for Digital Money were there. The event to go also next time!” - Manfred Richels

“A lot of interesting discussions and information even when participating remotely.” - Ernstjan de Gooyert

“Congratulations, a really interesting and informative event with insightful, profound, and well-prospective talks, not missing out critiques and well-balanced pro and con views forming a serious picture of the current state.” - Johannes Dowe

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Looking Ahead: Voices from the Digital Euro Conference 2025

DEC25 once again proved to be an essential gathering for stakeholders to exchange perspectives, gain valuable insights, and shape the future of digital money together. We extend our sincere thanks to our sponsors, speakers, panelists, participants, and volunteers. Your continued support and meaningful contributions were key to making this conference a resounding success.

Marcel Kaiser - Defiria (Audimax moderator)

Foyer of the Conference

DEA Team (from left to right): back - Valentin Kalinov, Marcel Kaiser, Lena Grale, Valentin Seehausen, Anne-Sophie Kappel, Conrad Kraft, Jonas Gross, Manuel Müller, Daniel Holk, front - Tamara F. Schmidt, Anne-Sophie Gógl

DEA Associate Team and DEC25 Volunteers (from left to right): Ahmed Amine Gargoura, Karla Luque, Selin Kilic, Keanu Herold, Atakan Kavuklu (back), Jaskaran Singh, Nes Ozkan, Lukas Allwang (back), Tamara F. Schmidt, Hetal Patel

▶️ For more information on the Digital Euro Conference and to stay updated on future events, visit the conference website and the DEA website.

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Prepared in collaboration with Karla Luque, a Volunteer at the Digital Euro Conference 2025.