The Bank of the Philippine Islands (BPI) has announced plans to introduce stablecoin settlement rails in partnership with global digital clearinghouse Meridian, aiming to modernize how funds enter the country with an initial focus on payroll support for informal economy workers such as freelancers and virtual assistants. Stablecoins are digital tokens pegged to established currencies like the US dollar, designed to keep a steady value and already used widely to cut costs and speed up international transfers. This initiative forms part of BPI’s responsible digital innovation drive, with regulatory compliance and customer safety as core priorities.
For millions of Filipinos including overseas workers, online professionals and exporters who receive earnings from abroad, the new system will significantly lower fees and cut down waiting times for incoming dollar payments. The pilot phase will start with payroll credits for informal workers, with a full rollout to all eligible BPI clients scheduled before the 49th ASEAN Summit in November. The project will be carried out in close coordination with the Bangko Sentral ng Pilipinas, following all existing regulatory guidelines.
“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,” said BPI president and CEO TG Limcaoco. Meridian president and CEO Will Haering noted that BPI is demonstrating responsible leadership by integrating widely adopted technology safely into the formal banking system for the benefit of all clients. BPI added that all trial operations will strictly uphold consumer protection, clear reserve reporting and full regulatory adherence before any nationwide expansion.
