Philippine banks collaborate to launch PHPX stablecoin on Hedera
Several banks in the Philippines are collaborating to launch a peso-backed stablecoin, PHPX, aimed at enhancing cross-border payments and financial inclusion. The PHPX token, developed by Just Finance, is set to launch between May and July on the Hedera decentralized ledger technology network. Participating banks include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, all of which will govern the stablecoin. PHPX seeks to improve remittances, which accounted for $40 billion in 2024, by enabling real-time payments for overseas workers. The initiative includes plans for a multicurrency stablecoin exchange and may involve additional liquidity providers. Compliance with regulatory standards is ensured through Hedera’s network, aligning with Basel Committee requirements and EU regulations.
