According to Cointelegraph, a Philippine peso-backed stablecoin called PHPX will launch between May and July 2023. A group of Philippine banks are collaborating with the Singapore-based startup Just Finance to develop PHPX, which will run on the Hedera network (HBAR). This stablecoin aims to provide Filipinos with a more stable and transparent way to make payments and store value in a digital form. The PHPX stablecoin is expected to have a variety of use cases. It can be used to facilitate cross-border payments, remittances, and online purchases. It can also be used as a hedge against inflation and currency volatility, providing Filipinos with a stable store of value. As the Philippines becomes increasingly integrated into the global digital economy, PHPX is expected to play a significant role in making digital payments and transactions more accessible and convenient for Filipinos.