BPI Unveils Stablecoin Remittance Pilot for Filipino Workers
The Bank of the Philippine Islands (BPI) is planning to test stablecoin-based settlement rails for cross-border payments in a pilot program set to launch on July 23-24, 2026. The initial focus will be on payroll credits for freelancers, virtual assistants, and overseas Filipino workers.
The Philippines receives around $40 billion in remittances annually, with even marginal efficiency gains translating into real money staying in workers' pockets instead of disappearing into intermediary fees.
BPI President TG Limcaoco has described the pilot as a natural progression in the bank's digital strategy, while Meridian CEO Will Haering emphasized the importance of safely integrating stablecoin technology into traditional banking systems.
The pilot will operate under the regulatory framework of the Bangko Sentral ng Pilipinas (BSP), with explicit emphasis on consumer protection and reserve transparency.