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BPI to pilot stablecoin settlement for overseas payments in the Philippines

The pilot, built with Meridian, will target payroll and other overseas earnings first, with a broader rollout planned ahead of the 49th ASEAN Summit in November.

Reported · Written up by our desk · Stablecoins

The Bank of the Philippine Islands, or BPI, is preparing a stablecoin-based settlement pilot to process cross-border payments for Filipino remote workers, according to local media coverage cited by Cointelegraph.

BPI said it is developing the rail with global digital clearinghouse Meridian, aiming to cut both the cost and processing time of inbound payments for freelancers and other workers with overseas income. Under the plan, stablecoins would be used as the settlement instrument before the funds are converted into Philippine pesos and credited to recipients’ BPI accounts.

BPI President and CEO Jose Teodoro Limcaoco said exploring stablecoin rails is a natural extension of the bank’s digitalization strategy, with the goal of delivering funds faster and more cheaply without compromising security, according to ABS-CBN and the Philippine Daily Inquirer.

Cointelegraph also reported that BPI plans to coordinate with the Bangko Sentral ng Pilipinas. The bank said any broader rollout would depend on consumer protection, stablecoin reserve transparency, and other regulatory safeguards, with initial focus on payroll and other overseas earnings.

The pilot is also intended to support a wider rollout ahead of the 49th ASEAN Summit in November, Cointelegraph reported.

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