2026 Speakers
Sulolit Raj Mukherjee
Founder & Chief Executive Officer
Bodin Advisory LLC
Sulolit Raj Mukherjee ("Raj") is the Founder and CEO of Bodin Advisory LLC, a strategy consulting firm that helps fintech, crypto, and emerging tech companies navigate global regulatory frameworks through policy, tax, and compliance advisory.
Most recently, Raj served as Head of the IRS Office of Digital Assets, where he led US Treasury's Digital Asset strategy through tax policy development, regulatory rulemaking, and global policy initiatives. He co-authored the U.S. Treasury's Digital Asset Broker Regulations, represented IRS on Treasury’s Digital Asset Policy group and oversaw the implementation planning that translated policy into practical technology and procedural frameworks.
Prior to his government service, Raj built tax and compliance functions at major blockchain and digital asset companies. As Global Head of Tax at ConsenSys, he managed the firm's domestic and international tax interests while serving as the company's tax policy lead in Washington, leveraging his relationships with federal agencies and Congress to advance regulatory clarity. Earlier, he held similar roles at Binance US and Coinbase, where he created end-to-end tax compliance programs from the ground up and led policy engagement on emerging regulatory issues in crypto and blockchain both within the organization and through leadership roles at trade groups like The Blockchain Association.
Raj came to crypto after spending over 12 years in traditional finance at S&P Global, JP Morgan, and HSBC, where he focused on leading global tax compliance and reporting functions focusing on building and implementing US and international compliance regimes like Qi, FATCA, and Common Reporting Standard (CRS).
A proponent of balanced regulation that protects participants without stifling innovation, Raj has been recognized by Forbes Magazine as an Asian American Crypto Leader to Watch (2023) and by Butterscotch Media as a DeFi & Web3 Changemaker to Watch (2025).
Raj holds a law degree from the University of Kansas School of Law and B.A. degrees in International Relations and English Literature from Washington College in Maryland. He lives in Washington DC, though he originally hails from Kansas City.
Speaking At
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1:30–3:00pmThu 26 FebGFTN InsightsRoundtable Room 2, Bellesalle 5FPremium
Blueprint for Digital Assets
The Digital Dollar in Japan: Unlocking Institutional Liquidity, Collateral, and Tokenised Trade through USD-backed Stablecoins | 日本でのデジタルドル活用──米ドル建てステーブルコインが支える金融市場の流動性・担保・トークン化取引
GFTN InsightsRoundtable Room 2, Bellesalle 5FPremium
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Alan LimDirector & Head, Financial Infrastructure & Artificial Intelligence OfficeMonetary Authority of Singapore
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Fernando VázquezPresident, Capital MarketsChainlink
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Gopal RDirector, Global Payments SolutionsBank of America
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Kefei LinDirectorSBI Onchain
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Kelvin TanlMADBS Bank
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Michael HoAsia Pacific PartnerOliver Wyman
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Pamela LeeHead of Asia Pacific SalesTalos
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Sulolit Raj MukherjeeFounder & Chief Executive OfficerBodin Advisory LLC
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Yusuke TakezawaVice President, Global Business DevelopmentProgmat, Inc.
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Rahul AdvaniGlobal Co-Head of PolicyRippleModerator
About this session
Following the implementation of the amended Payment Services Act1 in June 2023, Japan has established a clear regulatory pathway for the distribution of globally-issued, USD-backed stablecoins via licensed domestic intermediaries. As the global stablecoin market now exceeds $300 billion, with USD stablecoins accounting for over 95% of total volume, Japanese and global financial institutions (FIs) are now commercially deploying USD stablecoins for institutional use.
For Japan to solidify its status as a global Web3 and tokenisation hub, the commercial integration is a strategic necessity for both leading domestic banks and global FIs.
This roundtable focuses on the commercial pathways for institutions looking to integrate USD stablecoins in an era of institutional-grade digital finance. We will explore the practical integration of USD stablecoins into the Japanese market, following the regulatory clarity provided for foreign-issued assets. The discussion will highlight how these tokens serve as digital-native liquid assets, offering Japanese financial institutions and corporations a more efficient tool for institutional use cases. By evaluating the tangible benefits - from reduced settlement risk to 24/7 liquidity - we will outline how FIs can better service a modern, tokenised economy.
2023年6月の改正資金決済法の施行を受け、日本では、グローバルに発行された米ドル建てステーブルコインを、登録済みの国内仲介業者を通じて流通させるための明確な規制ルートが整備されました。世界のステーブルコイン市場は現在3,000億ドルを超え、その総発行額の95%以上を米ドル建てステーブルコインが占めています。こうした状況を背景に、日本および海外の金融機関は、機関業務において米ドル建てステーブルコインの活用を本格化させています。
日本がWeb3およびトークン化分野の世界的な拠点としての地位を確かなものにするためには、国内の主要銀行だけでなく、海外の金融機関もこうした仕組みを商業的に活用することが戦略的に重要となります。
本ラウンドテーブルでは、金融機関によるデジタル技術の実用化が進むなかで、USDステーブルコインを実際の金融業務にどう取り入れていくか、その具体的な道筋を探ります。具体的には、海外発行資産に対する規制の明確化を踏まえ、日本市場での米ドル建てステーブルコインの実践的な活用について検討します。さらに、これらのトークンがデジタルネイティブな流動資産として果たす役割に着目し、日本の金融機関や企業にとって、業務や取引に活用できるより効率的な手段となり得る点を示します。決済リスクの低減や24時間365日の流動性といった具体的な利点を検証しながら、金融機関がトークン化が進む経済にどのように対応していくべきか、その方向性を明らかにします。 -

