The Bank of the Philippine Islands (BPI) is planning to pilot a stablecoin-based settlement rail for cross-border payments to Filipino remote workers. Developed in partnership with global digital clearinghouse Meridian, the system aims to reduce processing time and costs of inbound payments while retaining safeguards used in traditional banking transactions. Stablecoins will be used as a settlement instrument before funds are converted to Philippine pesos and credited to recipients’ BPI accounts. The pilot will initially focus on payroll and other overseas earnings, with a broader rollout planned ahead of the 49th ASEAN Summit in November.
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