A group of leading Philippine financial institutions have partnered with Web 3.0 fintech firm JUST Finance to launch PHPX, the first bank-collateralised Philippine Peso stablecoin.
These institutions include UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, and Rural Bank of Guinobatan alongside other commercial and rural banks.
Developed by JUST Finance, a joint venture between FSCO and Ayannah, PHPX offers a secure and transparent digital representation of the peso, backed by reserves held by regulated banks and asset managers.
PHPX aims to enhance financial efficiency by reducing the cost and processing time of remittances and foreign exchange swaps.
Distributed exclusively through licensed banks, it adheres to strict compliance and ethical standards.
A dedicated multi-currency exchange allows users to easily convert PHPX to major stablecoins like USDC and EURC, facilitating seamless cross-border transactions.
Additionally, PHPX provides access to investments in tokenised real-world assets such as bonds and ETFs denominated in PHP, USD, and EUR.
This launch comes as stablecoin transactions in the first half of 2024 reached US$9 trillion—more than double Visa’s payment volume.
The project is spearheaded by the Digital Asset Alliance, a collective of banks, asset managers, and fintech firms aiming to advance financial inclusion in the Philippines through blockchain technology.
“This initiative empowers Filipinos with secure, high-yield financial tools, fostering a culture of savings and investment.
It’s a game-changer for financial inclusion and accessibility, enabling Filipinos to hold PHP on-chain and invest in tokenised assets.”
said David Inderias, CEO of JUST Finance.
“PHPX’s regulated framework will enhance cross-border remittances and payments, providing Filipinos worldwide with faster, cheaper, and more secure financial solutions.”
said Lito Villanueva, Chairman of the Fintech Alliance Philippines.
Featured image credit: Edited from Freepik
