BPI Pilots Stablecoin-Based Remittance System for Faster Cross-Border Payments

The Bank of the Philippine Islands (BPI) has launched a pilot program to use stablecoins for faster remittances, in partnership with global digital clearinghouse Meridian.

The service will initially focus on payroll credits for freelancers and virtual assistants earning income from overseas clients. Stablecoins will act as an intermediary settlement instrument, moving value across borders before funds are converted into Philippine pesos (PHP) and credited to recipient accounts.

BPI plans to expand the service to a broader range of clients ahead of the 49th ASEAN Summit in November, with the goal of reducing costs and settlement times for millions of Filipinos receiving income from abroad. The pilot will be conducted in coordination with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) and within existing regulatory frameworks.