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Netbank's new infrastructure lets Philippine fintechs convert USDC and USDT into local currency in under an hour using pre-agreed over-the-counter foreign exchange rates, eliminating the international wire transfers and nostro pre-funding delays that typically slow cross-border payments.
The Bangko Sentral ng Pilipinas issued a memorandum requiring stricter anti-money laundering controls across payment systems as digital transactions reached 57.4% of retail volume in 2024. The directive mandates enhanced monitoring of merchant accounts, payment aggregators, and QR-enabled transactions, while warning Filipinos against unlicensed cryptocurrency platforms.
Following a ₱17.67 billion ($292 million) KelpDAO exploit linked to LayerZero bridge vulnerabilities, Solv Protocol is migrating its tokenized Bitcoin infrastructure to Chainlink's Cross-Chain Interoperability Protocol, affecting ₱42.35 billion ($700 million) in SolvBTC and xSolvBTC assets.
JPMorgan and Mastercard demonstrated real-time cross-border settlement of tokenized US Treasury funds on XRP Ledger outside traditional banking hours, marking a breakthrough for institutional blockchain adoption.
eBay could slash ₱73.06 billion ($1.2 billion) in annual payment processing costs by adopting Bitcoin Lightning Network. The savings come from cutting legacy credit card fees in half across the platform's ₱4.87 trillion ($80 billion) in yearly sales volume.