Several major Filipino banks, including UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan, are partnering to launch a multi-bank peso-backed stablecoin called PHPX. The stablecoin will leverage the Hedera Distributed Ledger Technology (DLT) network and aims to improve cross-border payments, particularly remittances, for Filipinos working abroad. The current remittance systems in the Philippines are slow, costly, and lack transparency for senders. PHPX will provide faster, more efficient, and cost-effective remittance services, allowing Filipinos abroad to send money directly to recipients' bank accounts or digital wallets. The stablecoin also plans to be used domestically for point-of-sale payments and will offer a multi-currency stablecoin exchange, allowing users to swap PHPX with other foreign currency stablecoins. The launch of PHPX is expected between May and July, pending regulatory approval.



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