Several Philippine banks are teaming up to launch the PHPX stablecoin, a peso-backed digital currency
The PHPX stablecoin is being developed by Singapore-based startup Just Finance. Union Bank of the Philippines, Rizal Commercial Banking Corporation, Cantilan Bank, and Rural Bank of Guinobatan are among the key players behind this initiative. These banks will also govern the PHPX ecosystem, ensuring its smooth operation and growth.
UnionBank, through its fintech arm UBX, previously launched PHX, a quasi-stablecoin. However, UBX CEO John Januszczak emphasized that PHPX is designed to be a “publicly exchangeable” token, supporting use cases far beyond their ecosystem. This move marks a significant step in offering real-time cross-border payment solutions that can be used by a wider audience, both domestically and internationally.
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Remittances are a cornerstone of the Philippine economy, with over $40 billion sent by overseas Filipino workers in 2024 alone, according to World Bank data. The PHPX stablecoin aims to make these transactions quicker and more efficient, allowing for real-time payments. Januszczak envisions a scenario where a Filipino worker in the US could pay their children’s school tuition directly from overseas, with the transaction completed instantly.
The collaboration also aims to establish a multicurrency stablecoin exchange. This will enable seamless swaps between PHPX and stablecoins. Such as USD, Singapore dollars, and Japanese yen. This will allow for greater liquidity and make cross-border payments even more accessible. To ensure the stability of the PHPX ecosystem, liquidity providers will be sought to support these token swaps as demand grows.
Additionally, the use of Hedera’s permissioned network ensures that PHPX complies with the Basel Committee’s low-risk crypto-asset standards. Also, the EU’s Markets in Crypto-Assets Regulation. This focus on compliance makes PHPX a trustworthy option for users and investors alike. This will pave the way for further expansion into domestic retail and point-of-sale transactions in the future.
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AVICI🚨JUST IN: Philippine banks to launch $PHPX, their native stablecoin, on Hedera for real-time remittances.
