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

Philippine Banks Introduce PHPX Stablecoin for Enhanced Cross-Border Remittances

user avatar

by Giorgi Kostiuk

a year 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ghana Launches First Regulatory Crypto Sandbox

chest

Ghana has launched its first regulatory crypto sandbox, allowing 11 approved Virtual Asset Service Providers to pilot their products in a controlled environment for 12 months.

user avatarTenzin Dorje

Congress Faces Urgent Need to Address Social Security Insolvency

chest

Congress faces an urgent need to address Social Security insolvency as the trust fund depletes faster than expected, requiring immediate legislative action to prevent significant benefit cuts by 2032.

user avatarMohamed Farouk

Social Security Benefit Cuts Looming for 72 Million Americans

chest

Starting in 2032, Social Security recipients may face benefit cuts of up to 28% due to the depletion of the trust fund.

user avatarBayarjavkhlan Ganbaatar

XRP Withdrawals Surge as ETF Demand Remains Strong

chest

Recent data indicates a significant increase in XRP withdrawals from Binance, coinciding with strong demand for XRP ETFs.

user avatarElias Mukuru

Arthur Hayes Advises Against Bitcoin Investment Until Fed Increases Money Supply

chest

Crypto analyst Arthur Hayes advises against investing in Bitcoin until the Federal Reserve increases money supply.

user avatarDiego Alvarez

Roman Storm Set for Retrial on Money Laundering Charges

chest

Federal prosecutors are moving to retry Roman Storm, co-founder of Tornado Cash, on charges of money laundering and sanctions violations.

user avatarKenji Takahashi

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.