Filipino banks, including UnionBank, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan, are set to launch PHPX, a multi-bank peso stablecoin, later this year on the Hedera DLT network.
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The Quick Take:
Objective: PHPX aims to enhance cross-border payments, especially for remittances, while supporting stablecoin interoperability across currencies like USD and SGD, Ledger Insights reported.
Launch Timeline: Targeted between May and July, subject to Bangko Sentral ng Pilipinas (BSP) approval.
Remittance Focus: PHPX will enable real-time payments and greater control for overseas workers, such as paying bills or tuition directly.
Seamless Experience: Consumers can send money without directly handling stablecoins, with backend systems converting currencies for deposit, wallet credit, or cash pickup.
Compliance & Safety: Reserves will be held in segregated trust accounts backed by government bonds, ensuring security against bank failures. The Hedera network is chosen for its compliance with Basel Committee and BSP regulations.
A multi issuer Philippine stablecoin on @hedera. I spoke with @LedgerInsights on how UBx continues to innovate with partners on distributed ledger technology to positively affect payments. The speed of payments has not kept up with the speed of commerce.
