BPI Plans Stablecoin Pilot for Cross-Border Payments

Bank of the Philippine Islands, or BPI, is working with global digital clearing provider Meridian to test stablecoin-based cross-border payments. The initiative targets overseas freelancers and remote workers, whose earnings can face delays and fees when routed through conventional remittance channels. Under the proposed system, funds would move through stablecoin infrastructure before being converted into Philippine pesos and deposited into recipients’ bank accounts.

BPI plans to begin with a pilot and aims to support a broader service rollout before the ASEAN summit in November. The bank has not disclosed the pilot’s exact launch date, the stablecoin to be used, transaction values or pricing. The project will test whether blockchain-based settlement can accelerate transfers and reduce costs while meeting banking, foreign-exchange and compliance requirements in the Philippines.