BPI Partners with Meridian on Stablecoin-Based Cross-Border Payment System

The Bank of the Philippine Islands (BPI) has partnered with Meridian to pilot a stablecoin-based settlement system for cross-border payments. The system, which uses stablecoins as an intermediary, aims to facilitate faster and cheaper remittances for freelancers and virtual assistants earning income from overseas clients.

BPI plans to expand the service to a broader range of clients ahead of the 49th ASEAN Summit in November, with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) overseeing the pilot within existing regulatory frameworks. The bank's President and CEO, TG Limcaoco, emphasized that 'Filipinos move billions of pesos every year' and that BPI aims to ensure their money arrives faster, cheaper, and securely.

This marks a notable shift for BPI, which had previously expressed skepticism towards private cryptocurrencies in favor of central bank-led digital currency work. The pilot arrival coincides with Philippine remittance growth slowing to a four-year low, giving BPI a commercial incentive to cut costs and settlement times for the millions of Filipinos receiving income from abroad.