Philippine Bank BPI To Pilot Stablecoin Settlements For Overseas Workers

The Bank of the Philippine Islands is preparing to launch a stablecoin based settlement pilot aimed at speeding up cross-border payments to freelancers, virtual assistants, and other Filipino workers earning income from abroad. The system is being developed alongside global digital clearinghouse Meridian.

Stablecoins To Cut Costs And Processing Time

Under the planned setup, stablecoins would serve as a settlement instrument before funds are converted into Philippine pesos and deposited directly into recipients’ BPI accounts. BPI president and CEO Jose Teodoro Limcaoco said the move fits naturally into the bank’s broader digitalization strategy, with the goal of making payments arrive faster and cheaper while keeping existing security standards intact.

Wider Rollout Planned Ahead Of ASEAN Summit

The pilot will start with payroll and other overseas earnings before a larger rollout planned ahead of the 49th ASEAN Summit in November. BPI said it will work closely with the Bangko Sentral ng Pilipinas, the country’s central bank, and noted that any broader expansion will depend on regulatory safeguards, including consumer protection and stablecoin reserve transparency.