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Alert 🚨 🚨 Philippine Banks Collaborate to Launch PHPX Stablecoin for Faster, Cheaper Remittances on Hedera $HBAR 🔥 🔥
A group of banks in the Philippines is working together to launch the PHPX stablecoin, a peso-backed digital currency designed to improve cross-border payments. Developed by Just Finance, a Singapore-based startup, the PHPX stablecoin will be powered by the Hedera decentralized ledger technology (DLT) network, ensuring faster and more affordable international money transfers.
Remittances are crucial to the Philippine economy, with overseas Filipino workers expected to send $40 billion home in 2024. The PHPX stablecoin aims to reduce transaction costs, speed up transfers, and provide more financial access for Filipinos, especially those without bank accounts.
UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan are leading the initiative, with UnionBank’s fintech arm UBX helping to drive the project. Previously, UnionBank worked with a quasi-stablecoin, PHX, and now aims to launch a fully exchangeable token. The PHPX stablecoin is expected to launch between May and July, offering a new solution for remittance payments.
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A group of banks in the Philippines is working together to launch the PHPX stablecoin, a peso-backed digital currency designed to improve cross-border payments. Developed by Just Finance, a Singapore-based startup, the PHPX stablecoin will be powered by the Hedera decentralized ledger technology (DLT) network, ensuring faster and more affordable international money transfers.
Remittances are crucial to the Philippine economy, with overseas Filipino workers expected to send $40 billion home in 2024. The PHPX stablecoin aims to reduce transaction costs, speed up transfers, and provide more financial access for Filipinos, especially those without bank accounts.
UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan are leading the initiative, with UnionBank’s fintech arm UBX helping to drive the project. Previously, UnionBank worked with a quasi-stablecoin, PHX, and now aims to launch a fully exchangeable token. The PHPX stablecoin is expected to launch between May and July, offering a new solution for remittance payments.
#Write2Earn
#Write2Earn!
$BTC
$ETH
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