IMF-WIFPR Conference on the Evolving Global Financial Architecture: Nonbanks, Stablecoins, and Tokenization

Tentative Program

IMF Headquarters

Washington, DC

June 16, 2026

8:30-9:30am Registration and Breakfast
9:30-9:45am Welcome Remarks: Tobias Adrian (IMF) and Itay Goldstein (Wharton)
9:45-11:45am Session 1: Non-Bank Financial Institutions, Private Markets, and Policy Design
Chair: Mahvash Qureshi (IMF)
Young Soo Jang (Penn State), Dasol Kim (OFR), Amir Sufi (Chicago), and Xiangyu Chen (Chicago),  “The Lending Technology of Direct Lenders in Private Credit”
Discussant: Amit Seru (Stanford)
David Robinson (Duke) and Melanie Wallskog (Duke), “The Growth of Private Lending and Retail Access to Alternative Investments”
Discussant: Huan Tang (Wharton)
Viral Acharya (NYU), Nicola Cetorelli (New York Fed), and Bruce Tuckman (NYU), “Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks”
Discussant: Adi Sunderam (Harvard)
11:45am-12:15pm IMF Global Financial Stability Report Presentation
Capital Flows to Emerging Markets: The Role of Global Nonbank Investors
Salih Fendoglu (IMF)
Discussant: TBD
12:15-1:30pm Lunch
1:30-2:45pm Keynote Panel: The Promise and Perils of Private Markets and Stablecoins
Moderator: Itay Goldstein (Wharton)
Dante Disparte (Circle)
Dan Katz (IMF)
Maureen O’Hara (Cornell)
Manju Puri (Duke)
2:45-3:00pm Break
3:00-5:00pm Session 2: Stablecoins, Tokenization, and the Global Financial System
Chair: TBD
Wenxin Du (Harvard), Catherine Huang (Harvard), and David Scharfstein (Harvard), “Competing Rails for Cross-Border Payments: Banks, Fintechs, and Stablecoins”
Discussant: Linda Goldberg (New York Fed)
Campbell Harvey (Duke), Daniel Rabetti (NUS), Chen Lin (University of Hong Kong), and Che Zhang (Tsinghua), “Tokenized Gold”
Discussant: Amy Huber (Wharton)
Michael Lee (New York Fed), Antoine Martin (Swiss National Bank), and Robert Townsend (MIT), “Optimal Design of Tokenized Markets”
Discussant: Uday Rajan (Michigan)
5:00pm Concluding Remarks: Tobias Adrian (IMF)