Several major banks in the Philippines are working together to launch a new stablecoin called PHPX. The stablecoin will be backed by the Philippine peso and will utilize the Hedera Distributed Ledger Technology (DLT) network. This initiative aims to improve cross-border payments, particularly for Filipinos abroad who want to send money back home. The collaboration includes UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan. With the PHPX stablecoin, Filipinos abroad can easily send money to their family members' bank accounts or digital wallets, as well as make direct payments for various financial obligations. The stablecoin can also be used domestically for point-of-sale (POS) payments, providing a more efficient alternative to traditional payment systems. Additionally, PHPX plans to address the issue of exchanging different currencies by establishing a multi-currency stablecoin exchange, allowing users to exchange PHPX for other stablecoins in foreign currencies such as USD, SGD, or JPY. The exchange's implementation will depend on the participation of liquidity providers, including banks and qualified investors in the Philippines.
- Content Editor ( cryptonews.net )
- 2025-01-10
Philippine Banks To Launch PHPX Peso Stablecoin On Hedera Network