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Philippines to Launch Stablecoin Solution for Its Citizens Abroad

Philippines will launch a stablecoin called PHPX which is backed by the Peso currency. This aims to make it easier for its citizens who are abroad to send money to their families.

This was taken because the Philippines is very dependent on incoming transactions reaching US$40 billion from abroad. In addition, this step will be a means of payment internationally, not just domestically.

This initiative is supported by UnionBank Philippines, along with other financial institutions, namely Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan. Later, PHPX will be built on the Hedera network to transact safely and with minimal risk.

-# Image Source: Mappr