The Bank of the Philippine Islands (BPI) is preparing to pilot a stablecoin-based settlement system aimed at reducing the cost and processing time of cross-border transfers into the country. Developed in collaboration with global digital clearinghouse Meridian, the initiative targets freelancers, virtual assistants, and informal economy workers receiving overseas income.
Under the proposed model, stablecoins will serve as an intermediary settlement instrument. Inbound international funds will settle via stablecoin rails before being converted into Philippine pesos and directly credited to recipients’ BPI bank accounts. This approach aims to bypass traditional multi-node correspondent banking networks, cutting down on transaction fees and delays while maintaining institutional banking security.
BPI President and CEO Jose Teodoro “TG” Limcaoco noted that adopting stablecoin infrastructure is a natural progression for the bank’s digitalization strategy, ensuring that cross-border capital arrives faster and cheaper for millions of Filipinos.
The pilot program will initially focus on payroll credits and informal economy earnings, with plans for a broader client rollout ahead of the 49th ASEAN Summit in November. BPI emphasized that any wider commercial expansion will be conducted in close coordination with the central bank, Bangko Sentral ng Pilipinas (BSP), and will depend on strict consumer protection measures, reserve transparency, and regulatory compliance standards. BPI’s initiative places it among a growing group of Southeast Asian financial institutions integrating digital asset settlement layers into traditional remittance rails.
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