Philippine Central Bank: Stablecoins as Key to Make Payments More Efficient

Stablecoins, a cryptocurrency backed by real-world assets such as the U.S. dollar, can improve payment and remittance for a country that is heavily reliant on remittances from millions of overseas Filipino workers (OFWs), according to Mhel Plabasan, director of technology risk and innovation supervision department at Bangko Sentral ng Pilipinas (BSP). "We have seen it really has the potential to revolutionize both domestic and cross-border payment more affordable, faster, and even the possibility of using stablecoins to make cross-border remittance efficient," Plabasan said. A recent report by blockchain data platform Chainalysis revealed that the Philippines ranked second worldwide in terms of crypto adoption, just after Vietnam.