BPI Taps Stablecoins for Faster Cross-Border Payments

The Bank of the Philippine Islands (BPI) is preparing to launch a pilot program that uses stablecoin-based settlement rails for cross-border payments. The pilot, developed in collaboration with Meridian, aims to speed up and reduce the cost of converting overseas income into Philippine peso deposits.

BPI President TG Limcaoco has described the pilot as a natural progression in the bank's digital strategy. The pilot will operate under the regulatory framework of the Bangko Sentral ng Pilipinas (BSP), the country's central bank, with explicit emphasis on consumer protection and reserve transparency.

The Philippines is consistently among the top remittance-receiving countries globally, with a $40 billion annual flow representing a meaningful share of GDP. The informal economy has exploded in recent years, particularly freelancers and virtual assistants who work for international clients.