The Bank of the Philippine Islands (BPI) today announced it will launch stablecoin settlement rails to modernize how money moves into the country, with a particular focus on payroll credits for informal economy workers, including freelancers and virtual assistants. The initiative, which BPI is pursuing in partnership with Meridian, a global digital clearinghouse, brings stablecoin-based settlement infrastructure to improve the speed and efficiency of cross-border payment flows, building on the growing role of digital assets in cross-border payments.
Stablecoins are digital tokens designed to hold a stable value, typically pegged to a fiat currency such as the US dollar. They have increasingly been used by fintechs and remittance providers to reduce the cost and settlement time of cross-border transfers. BPI’s exploration of this emerging technology reflects the Bank’s commitment to advancing digital innovation responsibly, leveraging trusted technology partners while maintaining regulatory compliance and customer protection as key priorities.
For the millions of Filipinos who earn from abroad such as overseas workers, freelancers, virtual assistants, and exporters, this collapses the cost and waiting time of receiving dollar income. The pilot will begin with payroll credits for workers in the informal economy, with the service rolling out more broadly to BPI clients in advance of the ASEAN 49 summit in November.
In Photo (L-R): BPI’s Alex Seminiano, Chief Technology Officer; TG Limcaoco, President and CEO; Meridian’s Will Haering, President and CEO; Janina Hillgruber, Global Head of Legal and Compliance
“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. Exploring stablecoin rails is a natural extension of BPI’s digitalization strategy and customer focus,” said TG Limcaoco, BPI President and CEO.
“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. We are proud to power it together,” said Will Haering, President and CEO of Meridian.
BPI’s approach will be conducted in close coordination with BSP, consistent with the existing frameworks for the activity. The Bank emphasized that any pilot activity will prioritize consumer protection, reserve transparency, and full regulatory compliance ahead of any broader rollout.
