$40 billion flows annually into the Philippines via remittances, a market now targeted by BPI’s new stablecoin pilot aimed at cutting down payment delays and fees.
The Bank of the Philippine Islands has teamed up with Meridian to trial blockchain-based settlement for cross-border payroll and remittances starting July. This pilot specifically helps freelancers and overseas Filipino workers receive faster payments directly into their BPI accounts, using stablecoins as an intermediary before converting to pesos.
Meridian’s infrastructure underpins this system, designed to slash costs and shorten the weeks-long wait typical with correspondent banking. The Bangko Sentral ng Pilipinas oversees the project, ensuring all processes meet strict regulatory standards including reserve transparency and consumer protections.
The central bank recently tightened virtual asset rules, requiring clearer reserve quality and compliance from licensed service providers. These measures support BPI’s efforts to expand the stablecoin settlement method under a fully regulated framework, with plans to scale the pilot before the ASEAN Summit in November 2026.
