The Philippine bank is preparing a stablecoin settlement pilot intended to speed up and reduce the cost of overseas payments to Filipino remote workers.
The Bank of the Philippine Islands (BPI) is planning to pilot a stablecoin-based settlement rail for cross-border payments to freelancers, virtual assistants and other workers receiving overseas income, according to local media reports.
Developed with global digital clearinghouse Meridian, the system is intended to reduce the cost and processing time of inbound payments while retaining safeguards used in traditional banking transactions, according to ABS-CBN and the Philippine Daily Inquirer.
Stablecoins would be used as a settlement instrument before the funds are converted to Philippine pesos and credited to recipients’ BPI accounts.
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