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

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

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.