Philippine bank BPI to pilot stablecoin payments for overseas workers
The Bank of the Philippine Islands (BPI) is preparing to launch a stablecoin-based payment pilot aimed at making cross-border transfers faster and cheaper for freelancers, virtual assistants and other Filipinos earning income from overseas, according to local media reports.
The pilot, developed with global digital clearinghouse Meridian, will use stablecoins to settle international payments before converting the funds into Philippine pesos and depositing them into customers’ BPI accounts.
The bank says the system is designed to cut transfer costs and settlement times while maintaining the security and compliance standards of traditional banking.
BPI President and CEO Jose Teodoro Limcaoco said the initiative supports the bank’s digital transformation strategy by improving the speed and affordability of international payments without compromising security.
The pilot will initially focus on payroll and other overseas earnings, with a broader rollout planned ahead of the 49th ASEAN Summit in November. BPI will work with the Bangko Sentral ng Pilipinas, with any wider launch subject to regulatory approval and consumer protection requirements.
Featured image from: cointelegraph.com