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MANILA, Philippines — Bank of the Philippine Islands (BPI) will pilot a stablecoin-based settlement rail for cross-border remittances, aiming to make overseas money transfers faster and cheaper for Filipinos.
BPI said the initiative with global digital clearinghouse Meridian will initially focus on payroll credits for informal workers, including freelancers and virtual assistants, before expanding to more clients ahead of the ASEAN 49 Summit in November.
READ: PH remittance growth stayed at 4-year low in May
The partnership will use stablecoin-based settlement infrastructure to speed up cross-border payments and remittances.
