BPI Partners With Meridian to Pilot Stablecoin Remittance Rails in Philippines

Bank of the Philippine Islands (BPI), the country’s second largest bank, has entered a partnership with stablecoin infrastructure firm Meridian to bring inbound remittances onto stablecoin rails. The initial focus is payroll credits for informal workers such as freelancers and virtual assistants working remotely, with the pilot running in coordination with the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank.

BPI intends to broaden the service ahead of the ASEAN 49 Summit in November, with expansion likely to encompass the broader diaspora corridor. The Philippines ranked as the world’s fourth largest recipient of inbound remittances in 2024, receiving $38.34 billion, of which 40% originated from the United States. That scale gives the strategic rationale considerable weight.

The competitive logic here is as much defensive as it is growth-oriented. A material share of Filipinos already hold and use stablecoins independently, in some cases for years. By channelling stablecoin-denominated flows directly into BPI accounts, the bank positions itself to capture deposits that might otherwise settle in self-custodied wallets, preserving its funding base while offering a faster, lower-cost transfer mechanism.