Philippines to Launch Stablecoin Solution for Its Citizens Abroad
The Philippines will launch a stablecoin called PHPX backed by the Peso, aiming to make it easier for its citizens living abroad to send money to their families.
This was taken because the Philippines is highly dependent on incoming transactions reaching US$40 billion from abroad. In addition, this step will be an international payment tool, not just domestic.
The initiative is supported by UnionBank of the Philippines, along with other financial institutions, namely Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan. PHPX will be built on the Hedera network to conduct transactions safely and with minimal risk.
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