Philippine central bank sees stablecoins as key to make payments more efficient

According to Mhel Plabasan, director of technology risk and innovation supervision department at BSP, stablecoin has the potential to revolutionize both domestic and cross-border payment more affordable and faster.

The BSP has recently completed testing the use of stablecoins as a mode of payment in the Philippines. A recent report by blockchain data platform Chainalysis revealed that the Philippines ranked second worldwide in terms of crypto adoption, just after Vietnam.