Experts urged to fast-track Philippines’ stablecoin readiness

Industry leaders said that the Philippines could emerge as a global leader in stablecoin-based remittances, but only if it accelerates developer education and clarifies its regulatory framework. 

At the “Settle In! Manila” discussion, organised by Morph and Bitget’s Blockchain4Her and Blockchain For Youth initiatives, experts warned that while the technology underpinning stablecoins is largely ready, gaps in talent development and policy execution risk slowing adoption at a critical juncture. 

The urgency is underscored by the country’s reliance on remittances. According to data, more than one million Overseas Filipino Workers (OFWs) send money home each year, often through traditional channels that charge fees of up to six per cent and take several days to process. But, industry experts said that stablecoin transfers, by contrast, offer near-instant settlement at significantly lower cost, a difference that could materially impact household incomes. 

“The Philippines is one of the many countries and regions that stand to benefit the most from stablecoin technology, whether it be through lower costs or settlement fees,” David Hsiao, Chief Marketing Officer of Morph, said. “The country is ground zero for the shift from a playground for speculation to a mission-critical rail for real-world utility.” 

Shift already underway 

Industry data suggests that the shift is already underway. Bitget reported that stablecoin usage for payroll and business-to-business invoices grew by more than 60 per cent over the past year. Spending through its wallet card surged 28-fold, while Visa-issued crypto card transactions rose 525 per cent, indicating a growing shift from trading to everyday payments. 

“Users shouldn’t need to understand the underlying complexity. By supporting builders who focus on ‘invisible tech,’ we ensure the end-user simply experiences 10x faster payments and significantly lower fees,” Jose Mendoza, Bitget’s Country Manager for Southeast Asia, said. 

Despite the momentum, panellists highlighted a shortage of developers capable of building compliant, user-friendly applications that can bring stablecoin use into the mainstream. 

Eli Rabadon, Chief Executive Officer of DVCode, stressed that bridging this gap is essential to unlocking the technology’s full potential. “The technology is ready. What we need now is education and clarity so builders can integrate stablecoins into apps that everyday Filipinos will actually use,” he said. “There’s huge potential to create real-world utility that touches lives immediately.” 

Rabadon pointed to the Philippines’ large pool of freelancers and remote workers, many of whom are already paid in digital currencies, as a natural foundation for adoption. However, he noted that without structured support and clearer compliance guidelines, scaling these use cases will remain difficult.

(Left to Right) Jose Mendoza, Country Manager for Southeast Asia of Bitget; David Hsiao, Chief Marketing Officer of Morph; Eli Rabadon, Chief Executive Officer of DVCode; and Raymond Babst, Chief Executive Officer of DA5, following their panel discussion on stablecoin at Settle In! Manila.

Regulatory clarity seen as competitive edge 

On the regulatory front, industry leaders argued that the Philippines is not starting from scratch. The country already has a virtual asset framework in place, but speakers called for faster implementation and clearer pathways for stablecoin integration. 

“The Philippines already has a regulatory framework for virtual assets that can position us ahead of other Asian markets,” Raymond Babst, Chief Executive Officer of DA5, said. 

The Bangko Sentral ng Pilipinas (BSP), the Philippines central bank, has previously reviewed stablecoin proposals and conducted pilot programmes, but panellists urged policymakers to accelerate timelines as global adoption continues to outpace local developments. 

Delays, they warned, could see the Philippines fall behind other markets that are moving more aggressively to integrate stablecoins into financial systems, particularly in cross-border payments and financial inclusion. 

Grassroots crypto adoption strengthens case 

Separate data further reinforces the Philippines’ readiness to embrace stablecoin innovation. According to Chainalysis’ 2025 Geography of Crypto Report, the country ranks ninth globally in cryptocurrency adoption, underscoring its strong position in the digital asset landscape. 

The Philippines’ performance is particularly notable in retail activity, where it ranks sixth worldwide. This category measures transactions under $10,000 and reflects widespread grassroots participation among individual users rather than institutional investors. 

Regionally, the Philippines is a key player in the Asia-Pacific market, which is currently the world’s fastest-growing crypto region. The region recorded a 69 per cent year-on-year increase in value received between June 2024 and June 2025, reaching a total transaction volume of $2.36 trillion.