Philippine banks are launching a multi-bank stablecoin PHPX on the Hedera DLT platform for cross-border payments and stable currency exchange with the ability for instant transfers 🚀

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In 2025, several Philippine banks, including UnionBank, will launch a multi-bank stablecoin PHPX, which will operate on the Hedera DLT network. It will provide fast and secure cross-border payments, especially for migrants sending money home. The stablecoin will not only allow sending money but also paying bills and investing in financial products. A stablecoin exchange for different currencies will also be created, and the reserves of PHPX will be secured through bank trust accounts. The launch is scheduled for May-July 2025.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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