Bank of the Philippine Islands (BPI) and global clearing house Meridian are preparing to pilot stablecoin-based settlement infrastructure for cross-border payments, initially targeting payroll credits for Filipino freelancers and virtual assistants.
The Ayala-led lender said the initiative would explore the use of stablecoin settlement rails to improve the speed and efficiency of money transfers into the Philippines.
“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,” BPI president and CEO Jose Teodoro “TG” Limcaoco said.
Stablecoins are digital tokens designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar. They are increasingly being explored for cross-border payments as an alternative settlement mechanism.
The pilot will initially cover payroll credits for workers in the informal economy, including freelancers and virtual assistants, before a planned broader rollout to BPI clients ahead of the ASEAN 49 summit in November.
BPI said the technology could eventually be used for Filipinos receiving income from abroad, including overseas workers, freelancers, virtual assistants and exporters.
“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,” Meridian president and CEO Will Haering said.
BPI said the initiative would be undertaken in close coordination with the Bangko Sentral ng Pilipinas and within existing regulatory frameworks.
The lender said any pilot would prioritize consumer protection, reserve transparency and regulatory compliance before a broader rollout.
