TLDR
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BPI launches a stablecoin pilot for faster cross-border payment settlements.
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Meridian provides settlement infrastructure for regulated blockchain transfers.
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Pilot targets freelancers, overseas workers, and payroll payment recipients.
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BSP oversees the project with reserve transparency and consumer safeguards.
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Wider rollout is planned before the ASEAN Summit in November 2026.
The Bank of the Philippine Islands (BPI) has launched a stablecoin settlement pilot for cross-border payments in the Philippines. The initiative targets faster payroll and remittance processing for overseas income recipients. BPI will test the service with Meridian under regulatory oversight before expanding the program later this year.
BPI Introduces Stablecoin Settlement for Cross Border Payments
The pilot focuses on freelancers, virtual assistants, and overseas Filipino workers receiving international payments. The system uses stablecoins as a settlement layer before converting funds into Philippine pesos. Consequently, recipients receive deposits directly into their BPI accounts through existing banking channels.
Meridian developed the settlement infrastructure alongside BPI for the cross-border payment service. The project seeks to reduce transfer costs and shorten settlement times compared with traditional correspondent banking. The bank will coordinate every stage with the Bangko Sentral ng Pilipinas.
The pilot begins during July and supports payroll credits and other overseas earnings. BPI plans a broader rollout before the 49th ASEAN Summit in November 2026. The bank intends to demonstrate blockchain-based settlement within a regulated banking framework.
Regulatory Framework Supports BPI Stablecoin Expansion
The central bank will supervise the pilot under existing digital asset regulations. Consumer protection, reserve transparency, and compliance standards will guide future deployment decisions. Stablecoin settlement will remain subject to regulatory approval throughout the expansion process.
The project follows recent updates to Philippine virtual asset regulations. In June, the Bangko Sentral ng Pilipinas strengthened listing requirements for licensed virtual asset service providers. Those rules require reviews covering transparency, liquidity, legal compliance, reserve quality, and redemption mechanisms.
Separately, the Philippine Securities and Exchange Commission continues expanding its Strategic Regulatory Sandbox. The framework allows selected firms to test tokenized financial products under regulatory supervision. Sandbox participation does not replace licensing requirements enforced by the central bank.
BPI Builds on Growing Philippine Stablecoin Adoption
The Philippines remains one of the world’s largest remittance markets with annual inflows approaching $40 billion. Freelancers and overseas workers regularly face transfer fees and delayed settlement through conventional payment networks. Accordingly, BPI aims to improve payment efficiency without changing customer banking practices.
The initiative also follows broader stablecoin adoption across the Philippine financial sector. During 2024, Coins.ph expanded its peso-backed PHPC stablecoin onto the Ronin blockchain. That project supported blockchain-based transfers, while BPI focuses on regulated banking settlements for overseas income.
Unlike crypto-native payment platforms, BPI will integrate stablecoins into traditional banking operations. Funds will move through blockchain settlement before peso conversion and account crediting. As a result, BPI seeks faster processing while maintaining banking safeguards and regulatory compliance for cross-border payments.
