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

PHPX: New Peso Stablecoin by Filipino Banks for Cross-Border Payments

user avatar

by Giorgi Kostiuk

3 months ago


Several Filipino banks, in collaboration with Singapore's Just Finance, are set to launch the PHPX stablecoin to facilitate cross-border payments.

Bank Alliance Initiative

The PHPX launch is backed by UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan, with leadership from Singapore's Just Finance. The stablecoin will run on the Hedera DLT network and is aimed at easing cross-border payments crucial for overseas Filipinos.

Benefits of PHPX

The implementation of PHPX will allow real-time payments and direct transfers for expenses such as education and insurance. This provides better control over the use of funds for international remittances, especially in schooling and healthcare.

Security and Future Use

PHPX will support a multi-currency exchange platform for currency swaps, ensuring convenient and secure operations. PHPX reserves will be held in trusted bank accounts, safeguarding against bank failures. Regulatory compliance, including adherence to Bangko Sentral ng Pilipinas standards, is critical. The launch is anticipated between May and July, with future potential use in trade and retail payments.

The launch of the PHPX stablecoin could be a significant step for Filipino banks in adopting modern financial technologies, positively influencing the country's economy by optimizing international remittances and their usage control.

0

Share

Other news

Stablecoin Regulation: A Step Towards Structured U.S. Crypto Market

The U.S. Financial Services Committee approved a stablecoin bill, potentially transforming the crypto market and investor confidence.

user avatarGiorgi Kostiuk

a few seconds ago

Key Price Levels to Watch for Dogecoin, Shiba Inu, and Solana

An analysis of critical support and resistance levels for Dogecoin, Shiba Inu, and Solana amid market uncertainty.

user avatarGiorgi Kostiuk

a few seconds ago

Impact of Elon Musk's Exit from D.O.G.E. on Dogecoin: What to Expect?

Elon Musk is stepping back from D.O.G.E. How will this affect Dogecoin's price in the coming weeks?

user avatarGiorgi Kostiuk

10 minutes ago

Strategic Exemptions in Trump's Tariff Plan

Canada and Mexico excluded from Trump's new tariff plan, focus on countries with unequal trade advantages.

user avatarGiorgi Kostiuk

11 minutes ago

Rapid Rise of MAGACOINFINANCE: New Prospects in the Crypto Market

Long-term Solana and Ripple holders focus on MAGACOINFINANCE with its promising prospects and innovative offers.

user avatarGiorgi Kostiuk

21 minutes ago

Neuralink Launches International Recruitment for Brain Chip Trials

Neuralink has opened a global recruitment program for brain chip trials, potentially transforming neurotechnology.

user avatarGiorgi Kostiuk

21 minutes 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.