Filipino Banks to Introduce PHPX Stablecoin for Enhanced Cross-Border Transfers

user avatar

by Giorgi Kostiuk

2 years ago

Several Filipino banks are set to launch the PHPX stablecoin using Hedera's distributed ledger technology, aiming to improve cross-border remittances.

Shift Toward a Publicly Exchangeable Stablecoin

UnionBank, through its fintech UBX, has been actively involved in blockchain development. Previously using a quasi-stablecoin in a closed loop, the focus now shifts to creating a publicly exchangeable stablecoin supporting broader use cases, including local and international payments.

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

The Role of PHPX in Cross-Border Remittances

Filipino overseas workers send over $40 billion annually. Current systems face high fees and slow processing times. PHPX seeks to address these with faster, more efficient services, enabling direct deposits into bank accounts and payments for education and necessities.

Solution for Multi-Currency Stablecoin Exchange

PHPX plans to support exchange with stablecoins tied to various currencies like USD, SGD, and JPY, facilitating currency conversion in cross-border payments. The exchange will be regulated and compliant with financial norms, ensuring transaction security.

The PHPX stablecoin launch marks a significant advancement in financial technology for the Philippines. This development will make international remittances more accessible, faster, and reliable, benefiting the country's economic stability and its overseas citizens.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Electrum Wallet Vulnerability Could Lead to Unintended Payments

Electrum disclosed a vulnerability in its wallet that could lead to unintended payments due to a flaw in fee adjustments.

user avatarLucas Weissmann

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

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.