BPI has launched a stablecoin settlement pilot program in partnership with global digital clearinghouse Meridian to accelerate cross-border remittances for freelancers and overseas workers. The pilot is targeting a launch window of July 23-24, 2026, with the Ayala-led bank testing a stablecoin-based settlement system that processes inbound international payments before converting them into Philippine pesos for deposit into customers' BPI accounts. The pilot will initially serve freelancers, virtual assistants, and workers in the informal economy before expanding to other customer segments, specifically focusing on payroll credits for these workers. As per BPI, the initiative seeks to improve the speed and cost-efficiency of inbound payment flows for overseas workers and freelancers receiving remittances from abroad.
BPI plans to extend the stablecoin service to more customers before the 49th ASEAN Summit in November 2026, giving the bank roughly four months from pilot launch to demonstrate viability before a major regional stage. The system uses stablecoins as a settlement layer between sender and recipient, allowing recipients to receive Philippine pesos in their BPI accounts while combining blockchain-based settlement with conventional banking safeguards. BPI President and CEO Jose Teodoro Limcaoco stated the project builds on the bank's ongoing digitalization strategy, aiming to provide Filipinos receiving money from abroad with faster access to funds at lower cost without reducing security standards. The Philippines represents a significant market opportunity, with $40 billion in annual remittance flows representing a meaningful share of GDP.
The pilot program will proceed in coordination with the Bangko Sentral ng Pilipinas (BSP) under the Philippines' tightening stablecoin regulations. The BSP has been relatively forward-thinking on digital asset regulation compared to other central banks in the region, already having a licensing framework for virtual asset service providers. The central bank has signaled openness to blockchain-based financial infrastructure as long as consumer safeguards remain intact. Meridian President and CEO Will Haering emphasized that the partnership demonstrates how stablecoin technology can be integrated into banking systems while maintaining reliability and customer protections, with explicit emphasis on reserve transparency and consumer protection measures.
The stablecoin pilot arrives as Philippine regulators continue developing comprehensive rules for digital assets and stablecoin services. In June, the BSP introduced stricter requirements for licensed virtual asset service providers, directing them to strengthen due diligence before listing cryptocurrencies. The central bank also devoted attention to fiat-backed and asset-backed stablecoins, requiring providers to examine reserve composition, redemption rights, and backing asset quality to ensure normal market conditions for token redemption. BPI's explicit commitment to reserve transparency under BSP oversight addresses concerns about stablecoin reserve quality directly.
BPI's initiative adds to the Philippines' expanding use of stablecoin technology for payments. In 2024, Philippine cryptocurrency exchange Coins.ph expanded its peso-backed PHPC stablecoin to the Ronin blockchain. The Ethereum-based stablecoin maintains one-to-one backing by the Philippine peso with reserves consisting of cash and traditional financial instruments. For BPI, the pilot targets cross-border settlements handled through banking systems rather than blockchain-native payments, potentially providing overseas workers and freelancers with faster settlement processes while maintaining regulated banking framework compliance. The pilot doesn't specify which stablecoin will be used, but any issuer selected for a bank-grade remittance corridor gains significant credibility in the growing digital asset ecosystem.
