BSP Launches Stablecoin Pilot for Cross-Border Payments

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has launched a pilot program for stablecoin settlement in cross-border payments.

The BSP partnered with the International Chamber of Digital Commerce (ICDC) to develop a stablecoin-based payment system that can facilitate faster and cheaper international transactions.

The pilot program aims to test the feasibility of using stablecoins, specifically a stablecoin called 'USDT', in cross-border payments. The USDT stablecoin is pegged to the value of the US dollar and is widely used in the cryptocurrency market.