BPI tests stablecoin for payments

The Bank of the Philippine Islands (BPI) is exploring the use of stablecoin technology to make money transfers faster, cheaper, and more efficient as part of its continuing digital transformation strategy.

BPI President and Chief Executive Officer TG Limcaoco said the bank is studying stablecoin-based payment rails to improve the movement of funds while maintaining the security and reliability expected by customers.

“Filipinos move billions of pesos every year, and it is our responsibility to make sure that their money arrives faster, cheaper, and just as securely as it does today. Exploring stablecoin rails is a natural extension of BPI’s digitalization strategy and customer focus,” Limcaoco said.

The bank said the pilot program will be conducted in close coordination with the Bangko Sentral ng Pilipinas (BSP) to ensure full compliance with regulatory requirements.

BPI added that the trial will prioritize consumer protection, regulatory compliance, and reserve transparency as it evaluates the potential of stablecoin technology in the country’s payments ecosystem.

The initiative reflects the growing interest of financial institutions in blockchain-based payment solutions that could enhance transaction efficiency while operating within the country’s regulatory framework.