Philippine bank BPI plans stablecoin payments pilot
BPI plans to pilot a stablecoin-based settlement rail for cross-border payments to freelancers, virtual assistants, and other workers receiving overseas income. Built with digital clearinghouse Meridian, the system aims to lower costs and speed up inbound payments while keeping banking-style safeguards. Stablecoins would serve only as a settlement layer before funds are converted to Philippine pesos and credited to BPI accounts. BPI says this fits its broader digitalization strategy and is meant to deliver money faster and more cheaply without reducing security. The initial pilot will focus on payroll and other overseas earnings, with a wider rollout targeted before the 49th ASEAN Summit in November. Any expansion will depend on coordination with the central bank and regulatory requirements such as consumer protection and transparent stablecoin reserves.
