Key Takeaways:
- Philippine banks are launching PHPX, a peso-backed stablecoin on the Hedera network, to boost cross-border payments and financial inclusion, debuting between May and July.
- PHPX will support real-time remittances and multicurrency exchanges, facilitating seamless transfers and broader financial applications, including tuition payments and retail transactions.
- Built on Hedera, PHPX ensures regulatory compliance and security, aligning with global crypto-asset standards for long-term adoption.
Several Philippine banks are collaborating to launch PHPX, a peso-backed stablecoin, on the Hedera decentralized ledger technology (DLT) network.
Set to debut between May and July, PHPX aims to revolutionize cross-border payments and boost financial inclusion in the Philippines.
FILIPINO BANKS TO LAUNCH MULTI-BANK PESO STABLECOIN PHPX ON HEDERA DLT NETWORK: DETAILS…
— BSCN (@BSCNews) January 10, 2025
– Multiple Filipino banks, including UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, are set to launch the multi-bank peso stablecoin PHPX on the @Hedera… https://t.co/ZLNTUociw7 pic.twitter.com/XTC23ZxtD1
Key participating banks include UnionBank, Rizal Commercial Banking Corporation, Cantilan Bank, and Rural Bank of Guinobatan, which will jointly govern PHPX.
The project is spearheaded by Just Finance, a Singapore-based firm.
PHPX addresses the growing need for efficient remittance solutions, crucial for the Philippine economy, as overseas workers sent $40 billion home in 2024.
It aims to enable real-time cross-border transactions, such as paying tuition fees directly from abroad, and will also support multicurrency conversions between PHPX and stablecoins in USD, SGD, and JPY, broadening its applications into domestic retail payments and beyond.
Hedera’s network ensures compliance with global regulations, including the Basel Committee’s crypto-asset standards and the EU’s MiCA framework, ensuring PHPX’s security and scalability.
The initiative also seeks to attract liquidity providers to maintain robust market operations.
PHPX reflects a milestone for Philippine fintech, offering an innovative, secure solution to streamline financial transactions and enhance the country’s digital economy.
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