Philippines’ BPI tests stablecoin rail for overseas remittances

BPI has launched a pilot program using stablecoin settlement rails for cross-border payments, with the Philippine lender targeting faster and lower-cost remittances for freelancers, virtual assistants, and other overseas income earners. Summary BPI has launched a stablecoin settlement pilot to speed up and lower the cost of cross border payments to Philippine recipients. The project will first serve freelancers, virtual assistants, and other overseas income earners before expanding ahead of the ASEAN Summit. The pilot will run with BSP coordination as the Philippines continues tightening rules for stablecoins and other digital assets. According to local reports from ABS-CBN and the Philippine Daily Inquirer, the Ayala-led bank is working with global digital clearinghouse Meridian to test a stablecoin-based settlement system that will process inbound international payments before converting them into Philippine pesos for deposit into customers’ BPI accounts. The pilot will first cover payroll payments and overseas earnings received by freelancers, virtual assistants, and workers in the informal economy. BPI plans to extend the service to more customers before the 49th ASEAN Summit i...