BPI Tests Stablecoin System in $40 Billion Philippines Remittance Market
Bank of the Philippine Islands (BPI) is launching a trial for its stablecoin-based settlement system, targeting the country's $40 billion remittance market. The program aims to accelerate disbursement of payroll and remittance funds for recipients earning overseas income.
The initiative will prioritize freelancers, virtual assistants, and Filipino nationals working abroad who receive international compensation. BPI will employ stablecoins as an intermediary settlement mechanism before exchanging funds into peso denomination, allowing beneficiaries to obtain direct deposits into their BPI banking accounts via established banking infrastructure.
BPI is collaborating with Meridian on the regulated trial, which will begin in July and accommodate payroll transactions alongside additional overseas earnings. The financial institution plans to showcase blockchain settlement capabilities within a compliant banking environment by November 2026, ahead of the 49th ASEAN Summit.