Convert USDT/USDC to USD for business in the Philippines

Converting USDT or USDC to USD in the Philippines: the short answer

A Philippine company may convert stablecoins, but only through a narrow channel: a provider licensed by Bangko Sentral ng Pilipinas (BSP), the central bank, that is also registered with the Securities and Exchange Commission (SEC). Stablecoins are digital tokens designed to hold a steady value against a currency; USDT (issued by Tether) and USDC (issued by Circle) are the two most used US dollar stablecoins.

Three rules decide the route:

• The BSP licenses the businesses that exchange and transfer virtual assets. Under BSP Circular No. 1108, these virtual asset service providers (VASPs) need a BSP Certificate of Authority, and virtual assets have no legal tender status. The BSP has paused new VASP licenses and in August 2025 extended that pause indefinitely.
• The SEC regulates crypto-asset service providers (CASPs). SEC Memorandum Circulars No. 4 and No. 5 of 2025 took effect on 5 July 2025, and the SEC has stated that platforms serving people in the Philippines without its license, registration or authorization have no authority to operate.
• Banks and other BSP-supervised institutions may deal only with licensed VASPs. As reported in February 2026, a BSP memorandum states that business relationships with unregistered, unauthorized or unlicensed VASPs, whether local or offshore, are strictly prohibited.

The last rule matters most for a company. If tokens are sold on an unregistered offshore exchange, the company's Philippine bank is not supposed to deal with that exchange, which makes it hard to bring the proceeds home cleanly. Converting through a BSP-licensed, SEC-registered provider keeps the money inside the regulated system from start to finish.

This page is specific to the Philippines. For the general mechanics of networks, wallet addresses and issuer redemption, see our general guide on converting USDT to USD in a business account.

The legal position for Philippine companies

The Philippines regulates stablecoin conversion through two agencies with overlapping reach. The BSP treats exchange and transfer of virtual assets as a money service business. The SEC treats platforms that offer or facilitate crypto trading as crypto-asset service providers. A provider that serves a Philippine company should satisfy both.

Sources: BSP Circular No. 1108; Context.ph report of 30 August 2025 on the moratorium; BitPinas reports of 9 February 2026, 17 July 2025 and 4 August 2025; CryptoSlate summary of SEC Memorandum Circulars No. 4 and 5 of 2025. as published on 29 October 2026. This table is a summary, not legal advice.

Offshore exchanges

The SEC advisory of 1 August 2025 named OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex and Kraken as platforms accessible in the Philippines that held no SEC license, registration or authorization to operate there, and stated that the list was not exhaustive. The SEC said it could pursue cease-and-desist orders, requests to block websites and apps, and criminal complaints, and cited its earlier geo-blocking of Binance's website as precedent. Each platform's status may have changed since, so check the SEC's current advisories before relying on any of them.

Penalties

As reported by BitPinas, the CASP rules provide administrative fines of P50,000 to P10 million per violation, plus P10,000 a day for continuing violations, and, for willful violations, court-imposed imprisonment of one to five years. These fall on providers, not on their customers, but a company whose provider is shut down can find its tokens or pesos frozen while the case runs.

What this means for a company

Nothing in these rules bars a Philippine company from owning or selling stablecoins. The restrictions fall on who may provide the service and on whom banks may deal with. A company that converts through a provider on the BSP's VASP list that also holds SEC registration, withdraws to its own bank account, and documents the sale behind every token is inside the framework.

Which providers hold a BSP VASP license

Because the BSP stopped accepting new VASP applications, the list of licensed providers is short and changes only when firms are removed. BitPinas, which tracks the BSP's published list, showed 12 entities after its March 2026 update, 10 of them active. The table reproduces that list. It is not a ranking and not a recommendation.

Source: BitPinas, List of Licensed Virtual Asset Service Providers in the Philippines, compiled from the BSP's list, updated March 2026. as published on 29 October 2026. Check the BSP's current list before opening an account.

Two points follow. First, the list includes two banks, UnionBank and GoTyme Bank, as well as payment and exchange firms. Second, a BSP VASP license on its own is not enough under the February 2026 memorandum, which looks for a BSP VASP license and an SEC CASP license together. Ask the provider for both in writing.

Several of these providers are built mainly for individuals. Before moving company funds, confirm that the provider opens accounts for corporations, the documents it needs, the limits on business accounts, and whether it pays out in pesos only or can also pay US dollars to a dollar account.

Routes Philippine businesses use, and their risks

Philippine companies use four routes to turn stablecoins into money in a bank account. The table compares what arrives and the main risk. An e-wallet is a mobile payment account, such as those used for everyday transfers in the Philippines.

Source: Helm Editorial Team, drawing on BSP Circular No. 1108, the BSP memorandum reported on 9 February 2026 and the SEC advisory of 1 August 2025. as published on 29 October 2026.

The travel rule

BSP Circular No. 1108 requires VASPs to collect and pass on originator and beneficiary information for transfers of P50,000 or more. This is often called the travel rule. For a company, it means a licensed provider will ask who sent the tokens and may hold a deposit until the sender's details are complete. Agree with regular payers in advance that they will send from identified wallets, and record those wallet addresses at onboarding.

Pesos or dollars

If the provider pays out in pesos and the company needs dollars for suppliers, it will buy dollars again at its bank, paying a second spread. A company paid in stablecoins and paying suppliers in dollars should price the full chain, tokens to pesos to dollars, against a route that converts tokens directly to USD in its own account.

Why P2P and offshore routes are a poor fit

P2P trading leaves a company with pesos from an individual's account and no invoice trail, and buyers can dispute payments after receiving tokens. Offshore exchanges without SEC authorization add a further problem: under the February 2026 memorandum, BSP-supervised institutions should not deal with them at all, so the bank that receives the withdrawal may question or return it.

Getting USD into an account in the company's name

The proceeds of a conversion should land in an account in the company's exact registered name. In the Philippines that is usually a dollar account in a bank's foreign currency deposit unit (FCDU), the part of a Philippine bank licensed to take foreign currency deposits. The BSP foreign exchange rules are flexible about where earnings are kept, which gives a company more choice than it has in many neighboring markets.

Sources: BSP Manual of Regulations on Foreign Exchange Transactions; BSP Circular No. 1108. as published on 29 October 2026.

Exporters and service firms paid in stablecoins

Because the BSP Manual allows export and non-trade earnings to be retained or deposited in foreign currency accounts in the Philippines or abroad, a Philippine exporter or service firm has no deadline in these rules to bring dollars home. That freedom covers the dollars. It does not change the rules on who may convert the tokens: the conversion itself should still run through a provider the BSP and SEC recognize.

Deposits, not tokens

A balance of USDT or USDC is not a bank deposit, and the BSP states that virtual assets are not issued or guaranteed by any jurisdiction. If the provider fails or a deposit is frozen during a review, there is no deposit protection behind the tokens. Convert balances needed for payroll or suppliers into dollars or pesos in a bank account, and keep only working amounts in tokens.

Documents a provider and a Philippine bank will ask for

Corporate onboarding at a licensed provider looks much like opening a corporate bank account. The General Information Sheet is the annual filing that lists a corporation's directors, officers and shareholders with the SEC.

Source: Helm Editorial Team, typical requirements; each provider and bank sets its own. as published on 29 October 2026.

The transaction hash is the unique identifier of a transfer on the blockchain. Save it for every receipt, with the date, amount and the sender's details collected under the travel rule. For tax, record the peso value of the tokens on the day they were received, which is the value of the sale, and the peso value realized on conversion. Stablecoins trade close to one dollar but not exactly at it, and the peso rate moves, so the two figures rarely match. Take advice from a Philippine tax adviser on how the difference is treated.

Where Helm fits for Philippine companies

Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm works with companies registered in the Philippines and provides USD account details in the company's own name, with a routing and account number that receives ACH, Fedwire and SWIFT. Helm's digital dollars feature lets an account receive, send and convert USDC and USDT to USD inside the account.

• Exporters and service firms can keep dollar earnings abroad, as the BSP Manual allows, and move to their FCDU account only what they need at home.
• Importers can pay suppliers by SWIFT or local rails, with the rate, fee and expected arrival shown before sending.
• Stablecoin features are available only where the company may lawfully use them. Given the SEC CASP rules and the BSP memorandum of February 2026, a Philippine company should have its counsel confirm the conversion route before using it; Helm's features are not a way around those rules.

Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.

A checklist before your company converts

1. Check the provider is on the BSP's current VASP list and holds SEC CASP registration.
2. Confirm the provider opens corporate accounts and its business limits.
3. Open the account in the company's SEC-registered name.
4. Agree with payers to send from identified wallets, for the travel rule.
5. Confirm the network and send a small test amount first.
6. Get a written quote in pesos or dollars after all fees.
7. Withdraw only to an account in the company's own name.
8. Keep the invoice, wallet address and transaction hash for every receipt.
9. Avoid platforms named in SEC advisories as unregistered.

Questions

References

1. Bangko Sentral ng Pilipinas: Circular No. 1108, Guidelines for Virtual Asset Service Providers (2021)
2. BitPinas: BSP to financial firms, do not transact with unregistered crypto exchanges (9 February 2026)
3. BitPinas: SEC flags 10 unregistered crypto exchanges, eyes website blocking (advisory of 1 August 2025)
4. BitPinas: SEC sets effectivity date of CASP rules
5. BitPinas: List of licensed virtual asset service providers in the Philippines
6. Bangko Sentral ng Pilipinas: Manual of Regulations on Foreign Exchange Transactions (version filed with the WTO)
7. Context.ph: BSP extends VASP licensing moratorium, issues advisory amid heightened crypto risks (30 August 2025)
8. CryptoSlate: Philippines SEC CASP rules and guidelines 2025

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.