cryptonews.net
Several prominent Philippine banks are set to launch a multi-bank peso-backed stablecoin called PHPX this year. The initiative will use the Hedera Distributed Ledger Technology (DLT) network, which offers the potential to improve cross-border payments, particularly remittances, for Filipinos working abroad. The collaboration includes UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan.
With PHPX, Filipinos abroad will be able to send money directly to their family members’ bank accounts, digital wallets, or even make direct payments for school tuition and other financial obligations. The goal is to make remittances more convenient and efficient, allowing senders to have more control over how their money is used at home. Additionally, PHPX can be used domestically for point-of-sale (POS) payments, providing a more efficient alternative to traditional payment systems.
Cross-border payments often require the exchange of different currencies. PHPX plans to address this issue by creating a multi-currency stablecoin exchange. This exchange will allow users to exchange PHPX for other stablecoins in foreign currencies, such as USD, SGD, or JPY. The implementation of this exchange will depend on liquidity providers, which may include participating banks and other qualified investors in the Philippines.
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