According to a report by Manila Bulletin, Bank of the Philippine Islands (BPI) has partnered with digital clearing provider Meridian to pilot a stablecoin-based cross-border settlement system to reduce overseas remittance costs and shorten fund arrival times. The stablecoin will be used as a settlement tool; afterward, the funds will be converted into Philippine pesos and deposited into the recipients’ accounts.

In the initial pilot phase, the program will cover freelancers, virtual assistants, overseas Filipino workers, and exporters, with plans to expand to all BPI customers afterward. BPI said the project will be carried out under the existing regulatory framework and coordinated with the Bangko Sentral ng Pilipinas (the Philippine central bank).