Philippine banks are collaborating to launch the PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions.
Several banks in the Philippines are working together to create a peso-backed stablecoin, PHPX, aimed at improving cross-border payments and financial inclusion. The PHPX token is scheduled to launch between May and July.
The PHPX stablecoin, developed by Singapore-based startup Just Finance, will be launched on the Hedera decentralized ledger technology (DLT) network.
Participating Philippine banks include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobatan, according to a Ledger Insights report. All participants will play a significant role in the governance of the PHPX stablecoin.
