Bank of the Philippine Islands (BPI) announced a partnership with Meridian, a global clearinghouse, to pilot the use of stablecoins for remittances.
Pilot implementation is set to begin with payroll credits for informal economy workers such as freelancers and virtual assistants, before expanding to retail clients later this year.
BPI emphasized that the pilot will prioritize consumer protection, reserve transparency, and regulatory compliance, aligning with Bangko Sentral ng Pilipinas (BSP) frameworks.
The collaboration integrates Meridian’s stablecoin settlement rails into BPI’s remittance services. Meridian specializes in digital clearing and settlement, enabling faster cross‑border transactions by bypassing traditional correspondent banking networks.
Through this partnership, overseas income denominated in dollars can be converted into stablecoins, settled across borders, and credited in pesos to local accounts more quickly and at lower cost.
Meridian’s CEO Will Haering described the partnership as “leadership in action,” highlighting BPI’s role as the first major Philippine bank to embed stablecoin technology into its operations.
Coverage of the Stablecoin Pilot
The pilot program will initially focus on payroll credits for workers in the informal economy, particularly freelancers and virtual assistants who rely heavily on cross‑border payments.
These workers often face high remittance fees and long settlement times. Through the collapse of settlement windows from days to minutes, BPI aims to make remittances more efficient and accessible.
The general rollout is scheduled ahead of the ASEAN 49 summit in November 2026, orienting the Philippines as a regional leader in stablecoin adoption.
What are Stablecoins?
Stablecoins are digital tokens pegged to fiat currencies like the US dollar, designed to maintain stable value.
Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins are backed by reserves and structured to minimize price fluctuations.
Their benefits for cross‑border transactions include faster settlement compared to SWIFT or correspondent banking, lower transaction costs by bypassing multiple intermediaries, and transparency through blockchain records.
For overseas Filipino workers (OFWs), stablecoins can reduce remittance fees and waiting times, directly improving household income. Stablecoins also offer programmability, enabling integration with digital platforms for payroll, e‑commerce, and financial services.
Crypto Adoption of Filipinos
The Philippines has been one of the most active adopters of blockchain and digital assets in Southeast Asia.
UnionBank of the Philippines has long been a pioneer, piloting blockchain‑based remittance corridors with Singapore and experimenting with tokenized bonds.
GCash and Maya have integrated crypto services through partnerships with BSP‑licensed VASPs, allowing millions of Filipinos to buy, sell, and hold digital assets directly from their mobile wallets. Exchanges like PDAX and Coins.ph have also expanded their offerings, enabling crypto trading and fiat on‑ramps.
These developments show that virtual currency adoption is not limited to niche players but is increasingly embedded in mainstream financial services.
The BPI‑Meridian partnership builds on this momentum, signaling that even the country’s oldest banks are embracing digital asset rails to modernize remittances.
Moreover, crypto adoption in the Philippines is among the highest in Asia.
A 2025 report ranked the country in the global top 10 for crypto usage, driven by remittances, play‑to‑earn gaming, and retail trading. Stablecoins, in particular, are gaining traction because they combine the efficiency of blockchain with the stability of fiat.
While most usage today is concentrated in trading and settlement, institutional pilots like BPI’s could accelerate mainstream adoption.
Surveys by the BSP’s Financial Inclusion Office show that over 60% of Filipinos aged 18–35 have interacted with digital assets, though only a fraction use them for everyday financial transactions. This gap emphasizes the potential for stablecoins to move beyond speculative trading into practical applications like payroll, e‑commerce, and remittances.
Is Crypto Regulated in the Philippines?
Short answer is no, but crypto exchanges and platforms: yes.
The Bangko Sentral ng Pilipinas (BSP) plays the central role in overseeing its use. The BSP does not treat cryptocurrencies as legal tender—only the Philippine peso holds that status—but it recognizes virtual assets as legitimate instruments for payments and remittances when handled by licensed entities.
The regulatory framework is anchored in BSP Circular No. 1108 s. 2021, which requires all Virtual Asset Service Providers (VASPs)—including exchanges, wallet providers, and remittance platforms—to secure a license before operating.
Licensed VASPs must comply with strict anti‑money laundering (AML) and counter‑terrorist financing (CTF) rules, implement know‑your‑customer (KYC) procedures, and maintain robust consumer protection measures. This ensures that crypto transactions are monitored, transparent, and aligned with international financial standards.
BSP’s approach is pragmatic: it acknowledges the potential of crypto and stablecoins to improve financial inclusion, remittance efficiency, and digital commerce, but it also emphasizes systemic stability.
The central bank has also issued advisories warning the public against unregulated exchanges and fraudulent schemes, stressing that only BSP‑licensed VASPs can legally facilitate crypto transactions in the country.
In practice, this means crypto is regulated but not banned. Filipinos are free to use digital assets for trading, remittances, and payments, provided they transact through licensed platforms. BSP also operates regulatory sandboxes to test new technologies, allowing banks and fintechs to pilot blockchain‑based solutions under supervision.
This equilibrium—encouraging innovation while safeguarding consumers—has positioned the Philippines as a regional leader in crypto regulation. It reassures both institutions and individuals that crypto adoption can proceed within a secure, transparent, and legally recognized framework.
VASPs as Reliable, Legal Platforms for Crypto
BSP‑licensed VASPs play a critical role in bridging crypto and fiat systems. They ensure compliance with AMLC rules, provide secure custody of digital assets, and enable consumers to transact confidently.
As of 15 July 2026, the list of BSP-licensed VASPs include:
Active – Non-Bank VASPs
- Betur Inc. (Coins.ph)
- Maya Philippines, Inc.
- Moneybees Forex Corp.
- Philippine Digital Asset Exchange (PDAX)
- TopJuan Technologies Corporation
- WIBS PHP, Inc. (DOPAY)
Inactive/Not Operational – Non-Bank VASPs
- Direct Agent 5 (SurgePay)
Active – Bank VASPs
- GoTyme Bank Corporation
- Union Bank of the Philippines, Inc.
Their role is essential in integrating decentralized finance into the regulated financial ecosystem, ensuring that innovations like stablecoin remittances are safe, transparent, and accessible.
A Crypto-Positive Future
The future of crypto adoption in the Philippines is likely to be characterized by hybrid systems where fiat and stablecoins coexist.
Remittances, which account for nearly 10% of the country’s gross domestic product (GDP), are a natural use case: stablecoins can reduce costs and settlement times, directly benefiting millions of households. E‑commerce platforms are also poised to integrate stablecoin payments, offering merchants faster settlement and lower fees.
As BSP continues to refine its regulatory framework, institutional adoption by banks like BPI will legitimize digital assets further.
Regionally, the Philippines is well‑positioned to become a hub for crypto innovation, given its high adoption rates, strong remittance flows, and proactive regulatory stance.
While hurdles remain—such as infrastructure, consumer education, and volatility in global crypto markets—the trajectory points toward increasing prevalence of stablecoins and digital assets in everyday financial life.
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