Emma Butterworth

Head of Innovation & Payments Policy, Bank of England

View linkedin profile

Emma is responsible for developing domestic and international policy in relation to traditional payment systems as well as more innovative forms of payment and settlement, including the Digital Securities Sandbox and stablecoins.

Emma has 20 years of experience across a wide range of policy roles at the Bank of England. Prior to her current role, Emma worked in the Bank of England's financial stability area and supported the establishment of the Bank's Financial Policy Committee.

Emma holds undergraduate and postgraduate degrees in economics from Durham University and University College London.

Next Speaker
Previous Speaker

Speaking At

GFTN Insights

Roundtable Room 2 (Level 2)

Open

Tue, 6 May | 04:00PM - 05:30PM

GL1 Dialogue: Market infrastructure for digital assets

Learn More

Audrey MetzgerDirector of Innovation and Financial Market Infrastructures, Banque de France

David MillsSenior Associate Director, Payments Division, Federal Reserve Board (FRB)

Emma ButterworthHead of Innovation & Payments Policy, Bank of England

Holger NeuhausHead of Market Innovation and Integration Division, European Central Bank

John O'NeillHSBC Group Head of Digital Assets & Currencies, HSBC

Kelvin LiHead of Platform Tech, Ant International

Khai Uy PhamCross-border wholesale CBDC projects leader, Banque de France

Rachel PierceFinancial Technology Policy Specialist, U.S. Treasury - Office of the Comptroller of the Currency (OCC)

Thibaut DesouchesHead of Secondary Markets, Societe Generale-FORGE

Tommaso Mancini-GriffoliDivision Chief of the Payments, Currencies, and Infrastructure Division, International Monetary Fund

Maha El DimachkiCentre Head, BIS Innovation Hub - Singapore Centre

Ryosuke UshidaChief Fintech Officer, Financial Services Agency of Japan

Alan LimDirector & Head, Financial Infrastructure and Artificial Intelligence Office, Monetary Authority of Singapore

GFTN Insights

Roundtable Room 1 (Level 2)

Open

Wed, 7 May | 12:00PM - 01:30PM

The Fungibility of Stablecoins: Unlocking cross-border payments or fragmenting the global financial system?

Learn More

Stablecoins are emerging as a serious contender for cross-border transactions, offering faster settlement, lower costs, and reduced reliance on traditional banking rails. Recent developments signal that major payment service providers (PSPs) are beginning to explore stablecoins as part of their core infrastructure, while other incumbents have maintained their commitment to fiat-based transactions.

Herein also lies the question of fungibility. Are all stablecoins truly exchangeable across networks, jurisdictions and use cases, or do regulatory and operational constraints create fragmentation risks? If stablecoins are to become a mainstay in global payments, PSPs must navigate liquidity, compliance and interoperability challenges that could either accelerate adoption or hinder scalability.

Discussion themes:

The growing role of stablecoins in cross-border payments - Are lower costs, instant settlement, and financial inclusion advantages enough to drive broader PSP adoption?
Strategic moves in the payments industry – What does the acquisition of a stablecoin platform signal about the future of PSP-stablecoin integration, and will it force competitors to reconsider their stance on stablecoins?
The fungibility challenge - How do differences in issuance models, reserve structures, and regulatory classifications affect stablecoins' usability across different payment rails and jurisdictions?
Regulatory and market barriers – What are key regulatory, liquidity, and operational challenges preventing PSPs from fully embedding stablecoin-powered payments into their infrastructure? What's needed to bridge the gap between stablecoins and traditional finance?

This session is held in collaboration with the Ripple Policy Summit.