• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Filipino Banks Announce PHPX Publicly Exchangeable Stablecoin

user avatar

by Giorgi Kostiuk

2 months ago


Filipino banks are poised to launch PHPX, a peso-backed stablecoin utilizing Hedera technology to enhance cross-border transactions.

A Shift Toward a Publicly Exchangeable Stablecoin

UnionBank, through its fintech arm UBX, is working on creating a publicly exchangeable stablecoin, moving beyond their previous closed-loop systems. The goal is to facilitate both local payments and international transfers with greater speed and control.

The goal is to create a stablecoin that can be used for not just local payments but also facilitate international money transfers with greater speed and control.UBX CEO John Januszczak

The Role of PHPX in Cross-Border Remittances

With over $40 billion flowing into the Philippines annually from remittances, PHPX aims to address the slow and costly nature of current systems by providing more efficient and controllable options.

A Solution for Multi-Currency Stablecoin Exchange

PHPX plans to create a multi-currency stablecoin exchange to interact with currencies like USD, SGD, and JPY, ensuring greater liquidity and resilience.

PHPX is set to launch this year with support from major Filipino banks, marking a significant advancement in cross-border payments and domestic transaction infrastructure.

0

Share

Other news

BYDFi 5th Anniversary: Innovation and Web3 in Focus

BYDFi celebrates its 5th anniversary: history of growth and Web3 adoption.

user avatarGiorgi Kostiuk

9 minutes ago

Ethereum Price May Drop Due to Weak Stock Market

Analyst Benjamin Cowen predicts Ethereum's price may decline owing to stock market weakness and macroeconomic factors.

user avatarGiorgi Kostiuk

9 minutes ago

Trump's Tariffs Shake Crypto and Global Markets

Trump's tariffs caused a sharp drop in crypto and global markets: Fear Index plummets to 25.

user avatarGiorgi Kostiuk

10 minutes ago

Qubetics Cryptocurrency: Interoperability and Growth Potential

Qubetics offers unique blockchain interoperability and promises high growth potential.

user avatarGiorgi Kostiuk

10 minutes ago

Cryptocurrencies in National Reserve: US Initiative

Donald Trump's announcement of a US crypto reserve including Bitcoin and Ethereum sparks a global discussion on digital assets.

user avatarGiorgi Kostiuk

11 minutes ago

XRP Price Update: Preparing for a Downturn?

XRP holds near the $2 level; market analysis shows potential shifts in the crypto market.

user avatarGiorgi Kostiuk

17 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.