Cebuana Lhuillier rebuilds cross-border payments with stablecoins on Fireblocks

One of the Philippines’ largest financial services companies is betting that stablecoins can do what traditional payment rails have struggled to accomplish for decades: make cross-border transfers fast, cheap, and accessible to millions of Filipinos who depend on remittances.

Cebuana Lhuillier, which operates over 3,500 branches across the Philippines, announced a partnership with digital asset infrastructure firm Fireblocks to build a stablecoin-powered payment system for both domestic and cross-border transactions. The deal, announced on July 14, puts blockchain technology at the center of one of Southeast Asia’s most critical financial lifelines.

Why stablecoins, why now

Digital payments in the Philippines went from roughly 1% of retail transactions in 2013 to 57.4% by 2024, according to data from the Bangko Sentral ng Pilipinas (BSP). The central bank is targeting 60-70% by 2028.

The partnership leverages Fireblocks’ enterprise-grade wallet tools, payment networks, and blockchain connectivity built on the Solana blockchain, enabling rapid settlements at a fraction of traditional costs.

Jean Henri Lhuillier, the company’s president and CEO, pointed to customer expectations as the driving force. People want faster transfers, and the company’s massive branch network gives it the physical footprint to bridge the gap between digital rails and cash-based economies that still dominate parts of the country.

Ran Goldi, SVP at Fireblocks, framed the partnership as an effort to extend institutional-grade financial tools to underserved communities. Fireblocks secures over $6 trillion in digital asset transfers annually, making it one of the largest custodial infrastructure providers in the crypto space.

This isn’t Cebuana’s first blockchain rodeo

Back in March 2023, Cebuana Lhuillier integrated with the Stellar network for cross-border payment functionality. Then in November 2024, the company initiated conversions using PayPal’s PYUSD stablecoin through the Philippine digital asset exchange PDAX.

While specific details about which stablecoins will be used in the new system weren’t disclosed, the architecture suggests the focus is on operational efficiency rather than any particular token.

What this means for investors and the broader market

The BSP’s aggressive digital payment targets, aiming for 60-70% of retail transactions by 2028, create a regulatory tailwind that few other markets can match. The central bank isn’t fighting digitization. It’s actively encouraging it.

The risk sits at the regulatory level. While the BSP has been progressive on digital payments, the regulatory framework for stablecoins specifically is still evolving in the Philippines and across Southeast Asia.

Cebuana’s physical branch network is a major asset here, giving customers a familiar point of contact even as the underlying technology changes.