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Filipino banks collaborate to launch PHPX stablecoin on Hedera technology

Filipino banks, including UnionBank and Rizal Commercial Banking Corporation, are set to launch the PHPX stablecoin on Hedera's Distributed Ledger Technology, aiming to enhance real-time remittances and international payments. The PHPX token, expected to go live between May and July, will facilitate multi-currency exchanges and address challenges in cross-border transactions, while adhering to regulatory standards. This initiative reflects the growing adoption of cryptocurrency in the Philippines, a major remittance recipient, with potential applications in retail and larger trade payments.
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Singapore Dollar Japanese Yen United States Dollar Rizal Commercial Banking Corporation Corporation Union Bank of India SGP PHL JPN USA David Inderias John Januszczak Mikko Perez Show more
Finance & Economy, News Article
17:48 10.01.2025
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