Several banks in the Philippines are collaborating to introduce a peso-backed stablecoin called PHPX. The stablecoin will operate on the Hedera decentralized ledger technology (DLT) network.

Participating Banks

The participating banks include:

• UnionBank of the Philippines
• Rizal Commercial Banking
• Cantilan Bank
• Rural Bank of Guinobatan

Objectives of PHPX Stablecoin

The PHPX stablecoin aims to:

• Streamline cross-border transfers
• Provide real-time payment solutions for overseas workers
• Expand its use cases into domestic retail and point-of-sale transactions

Future Plans

The PHPX initiative includes plans for:

• A multicurrency stablecoin exchange
• Compliance with regulatory standards

The successful launch of PHPX could serve as a model for other countries.