BPI bets on stablecoins for faster remittances
MANILA, Philippines — Bank of the Philippine Islands (BPI) will pilot a stablecoin-based settlement rail for cross-border remittances, aiming to make overseas money transfers faster and cheaper for Filipinos.
BPI said the initiative with global digital clearinghouse Meridian will initially focus on payroll credits for informal workers, including freelancers and virtual assistants, before expanding to more clients ahead of the ASEAN 49 Summit in November.
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The partnership will use stablecoin-based settlement infrastructure to speed up cross-border payments and remittances.
Stablecoins are digital tokens pegged to fiat currencies, such as the US dollar, to maintain a stable value. Fintech firms and remittance providers increasingly use them to cut transaction costs and speed up settlements.
BPI said the technology could help millions of Filipinos earning overseas income, including migrant workers, freelancers, virtual assistants, and exporters, by cutting the cost and wait time for receiving dollar payments.
“Filipinos move billions of pesos every year, and it is our responsibility to make sure that their money arrives faster, cheaper, and just as securely as it does today,” BPI president and CEO TG Limcaoco said. “Exploring stablecoin rails is a natural extension of BPI’s digitalization strategy and customer focus.”
For its part, Meridian said the partnership shows how banks can integrate stablecoin technology while maintaining safety and reliability.
“BPI is showing what leadership looks like: taking a technology the world is adopting and making it work inside the banking system, safely, for the benefit of every client,” said Will Haering, president and CEO of Meridian.
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BPI said it will conduct the pilot in coordination with the Bangko Sentral ng Pilipinas and within existing regulations.
The bank said it will prioritize consumer protection, reserve transparency, and compliance before a wider rollout. /pai INQ
