Keynote by James Smith, Head of Ecosystem, Ethereum Foundation

Stablecoins have already achieved real-world product-market fit, but the infrastructure beneath them is dangerously fragmented. This talk breaks down why owning the full stack leads to centralization, why users suffer from stablecoin silos, and why “coordination rails” matter more than any single issuer. With Ethereum positioned as neutral ground, the future depends on open standards, competition at the service layer, and avoiding a blockchain version of Swift 2.0. Speakers: James Smith: Head of Ecosystem, Ethereum Foundation