JUST Finance, in partnership with UBX and a consortium of Philippine banks, has launched a new multi-currency stablecoin exchange.
This platform, built on a public but permissioned blockchain, allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle.
The exchange aims to simplify cross-border payments and foreign exchange transactions, making them faster and more affordable for businesses and individuals, particularly freelancers, SMEs, and overseas Filipino workers.
By leveraging blockchain technology, the platform ensures secure and transparent transactions with reduced costs.
JUST Finance is encouraging participation from a wide range of regulated banks and fintechs to maximise liquidity and trading volume on the exchange.
This initiative is particularly significant for the Philippines, which receives nearly US$40 billion in remittances annually.
The increased liquidity and efficiency offered by the stablecoin exchange are expected to improve the flow of remittances and facilitate international trade, with a focus on streamlining B2B payments, remittances, and trade financing.
David Inderias, CEO of JUST Finance, said,
“We are excited to bring the benefits of stablecoins and onchain finance to the mainstream in partnership with some of the most trusted financial institutions in the Philippines.
This liquidity pool not only addresses the demand for faster and cheaper cross-border transactions but also aligns with our mission to make financial systems more inclusive and efficient.”
John Januszczak, CEO of UBX, said,
“We are delighted to spearhead this great initiative along with other partners in the Philippine banking industry.
By promoting the use of stablecoins, we will deliver quantum improvement in security, efficiency, liquidity and cost in cross-border and foreign exchange transactions such as remittances, B2B payments and trade financing.”
Featured image credit: Edited from Freepik
