Philippine Banks Introduce PHPX Stablecoin for Enhanced Cross-Border Remittances

user avatar

by Giorgi Kostiuk

2 years ago

Several major Philippine banks are set to launch the peso-backed stablecoin PHPX using Hedera technology to improve cross-border remittances.

A Shift Toward a Publicly Exchangeable Stablecoin

UnionBank aims to create a publicly exchangeable stablecoin that extends beyond closed ecosystems to support broader uses such as international transfers.

The goal is to create a publicly exchangeable stablecoin that can support use cases beyond the existing closed-loop ecosystem.John Januszczak

The Role of PHPX in Cross-Border Remittances

The Philippines is one of the largest remittance recipients globally. PHPX aims to make remittances faster and cheaper, providing convenience for Filipinos abroad sending money home.

A Solution for Multi-Currency Stablecoin Exchange

PHPX plans to create a multi-currency exchange for stablecoins to facilitate currency swaps, such as USD, SGD, and JPY, while complying with regulatory requirements.

PHPX is expected to launch between May and July this year, pending regulatory approval, offering new opportunities for the financial sector in the Philippines.

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

Understanding Saffron's Vault System

Saffron's current product structure separates upfront payments from uncertain trading fees generated by Uniswap liquidity positions.

user avatarSon Min-ho

Bank Policy Institute Critiques Stablecoin Regulation

The Bank Policy Institute has renewed its criticism of the Office of the Comptroller of the Currency's final stablecoin rule, particularly regarding the treatment of third-party arrangements.

user avatarZainab Kamara

Kraken Introduces SFI Trading on October 23

On October 23, Kraken announced the addition of SFI trading, providing fresh access to a token associated with the Saffron protocol, which has undergone significant changes since its early DeFi days.

user avatarAyman Ben Youssef

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

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

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.