Philippines' BPI Launches Stablecoin Payment Pilot

Philippines' BPI is set to launch a stablecoin-based international money transfer pilot targeting freelancers and virtual assistants earning income abroad. According to CoinTelegraph, BPI is preparing a payment system to reduce processing times and costs for incoming funds. The system, developed with global digital settlement institution Mediator, will convert stablecoin settlements to Philippine pesos and deposit them into recipient BPI accounts while maintaining existing security protocols. The pilot will initially focus on overseas salaries and other international income, with plans to expand its scope before the 49th ASEAN Summit in November. Jose Theodore Limcaoco, BPI's CEO, stated the stablecoin settlement network review is an extension of the bank's digitalization strategy, aiming to send funds more quickly and cheaply without compromising security. BPI also plans to coordinate with the Bangko Sentral ng Pilipinas.