BPI launches stablecoin pilot for cross border remittances

The Bank of the Philippine Islands (BPI), the oldest bank in Southeast Asia, has launched a pilot program using stablecoins to settle cross-border payments, aiming to make remittances faster and cheaper for millions of Filipinos. The initiative, developed in partnership with global digital clearinghouse Meridian, commenced in late July 2026 and initially targets freelancers, virtual assistants, and overseas Filipino workers receiving payroll and other earnings from abroad.

Under the pilot, stablecoins will act as a settlement layer for inbound international payments before the funds are converted into Philippine pesos and deposited directly into recipients' BPI accounts. This approach is designed to bypass the traditional correspondent banking network, which often involves multiple intermediaries, higher fees, and longer processing times. Bank officials emphasized that the system integrates blockchain-based settlement into conventional banking infrastructure, allowing customers to benefit from faster processing without changing how they access their funds.

BPI President and CEO Jose Teodoro "TG" Limcaoco stated the project builds on the bank's digitalization strategy, with the...