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

PHPX Launch: Filipino Banks Pioneering Financial Technology Innovations

user avatar

by Giorgi Kostiuk

3 months ago


Filipino banks, including UnionBank and others, announced plans to launch a PHPX stablecoin using Hedera's Distributed Ledger Technology (DLT) network to enhance cross-border payments.

Shift Toward a Publicly Exchangeable Stablecoin

UnionBank has been active in blockchain development through its subsidiary UBX, managing a closed-loop quasi-stablecoin network. The current objective is to create a publicly exchangeable stablecoin to support new use cases such as international money transfers and local payments.

The Role of PHPX in Cross-Border Remittances

The Philippines is a top recipient of remittances, vital to the country's economy. Currently, high fees and long processing times impede these transactions, but PHPX aims to address these issues with a faster and more efficient blockchain-based system.

Solution for Multi-Currency Stablecoin Exchange

To simplify currency exchange during international transfers, a multi-currency stablecoin exchange is planned. Users will be able to convert PHPX to other currency stablecoins like USD or JPY. This process is supported by liquidity from banks and other investors and meets regulatory compliance to ensure safety and stability.

The anticipated launch of PHPX might significantly modernize financial transfers in the Philippines, offering more efficient and accessible solutions for citizens and overseas workers. Regulatory approval and infrastructural development will be critical in successfully integrating PHPX into the country's financial system.

0

Share

Other news

Success Secrets: How an Ethereum Trader Turned $250 into $20 Million with PEPE and What’s Next?

The Ethereum trader who made millions on PEPE announces a new AI-based meme token, FloppyPepe.

user avatarGiorgi Kostiuk

7 minutes ago

BTFD Coin Presale Ends May 26: 5 Cryptos to Watch for 1000x Potential

BTFD Coin presale ends on May 26. Explore 5 cryptocurrencies with high growth potential.

user avatarGiorgi Kostiuk

8 minutes ago

MAGACOINFINANCE: Crypto Investors Turning Attention to New Token

The cryptocurrency MAGACOINFINANCE is drawing attention as XRP and Solana continue to show strength.

user avatarGiorgi Kostiuk

24 minutes ago

AI Agents from Unstaked: Revolutionizing Crypto Usage

Unstaked introduces AI agents that promise automation and real results for users in the crypto world.

user avatarGiorgi Kostiuk

29 minutes ago

Michael Saylor: BlackRock IBIT Could Become the Largest ETF in the World

Michael Saylor predicts BlackRock's Bitcoin ETF will rank first among ETFs within ten years.

user avatarGiorgi Kostiuk

an hour ago

DeFi Development Corp Plans to Raise $1 Billion for Solana Token Purchases

DeFi Development Corp files with SEC to raise $1 billion targeting an increase in its Solana token holdings.

user avatarGiorgi Kostiuk

an hour 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.