According to a report by Philstar Biz, the Bank of the Philippine Islands is testing stablecoin-based settlement rails to streamline cross-border payroll for freelancers and workers paid from abroad.
The pilot aims to provide a faster and cheaper alternative to traditional remittance channels, leveraging stablecoins pegged to major currencies to reduce transaction costs and settlement times.
This initiative reflects the growing adoption of blockchain-based solutions in the Philippine banking sector, as institutions seek to enhance financial inclusion for the country's large overseas workforce.