Cebuana Lhuillier, one of the Philippines' largest financial services firms, is overhauling its cross-border payment infrastructure by deploying stablecoin-powered rails across its 3,500-branch network. The company announced a partnership with digital asset infrastructure provider Fireblocks on July 14, aiming to make remittances faster and cheaper for millions of Filipinos who depend on money from abroad.
The move taps into one of the world's largest remittance corridors, where traditional payment systems have long struggled with high costs and slow settlement times. By leveraging Fireblocks' enterprise-grade wallet tools and blockchain connectivity built on the Solana network, Cebuana Lhuillier expects to enable rapid settlements at a fraction of traditional costs.
Why stablecoins now
Digital payments in the Philippines have surged from roughly 1% of retail transactions in 2013 to 57.4% by 2024, according to the Bangko Sentral ng Pilipinas (BSP). The central bank aims to push that figure to 60-70% by 2028, creating a regulatory tailwind for digital innovation.
Jean Henri Lhuillier, the company's president and CEO, said customer demand for faster transfers drove the decision. The company's extensive branch network bridges the gap between digital rails and the cash-based economy that still dominates many parts of the country. Ran Goldi, SVP at Fireblocks, framed the partnership as extending institutional-grade financial tools to underserved communities.
Not the first blockchain foray
This is not Cebuana Lhuillier's first experiment with blockchain. In March 2023, it integrated with the Stellar network for cross-border payments. Then in November 2024, it began conversions using PayPal's PYUSD stablecoin through the Philippine exchange PDAX.
While the specific stablecoins for the new system were not disclosed, the architecture prioritizes operational efficiency over any particular token. Fireblocks secures over $6 trillion in digital asset transfers annually, providing robust custodial infrastructure.
Regulatory landscape and risks
The BSP's aggressive digital payment targets create a supportive environment, but the regulatory framework for stablecoins specifically is still evolving in the Philippines and across Southeast Asia. Cebuana's physical branch network remains a key asset, giving customers a familiar point of contact even as the underlying technology shifts.