UBX, the digital innovation subsidiary of UnionBank of the Philippines, has inked an alliance with JUST Finance, an international firm that offers bank-grade blockchain and asset tokenization solutions, to form a Multi-Currency Stablecoin Exchange.

What’s the Significance: The initiative aims to offer easier and cheaper cross-border payments and foreign exchange transactions using stablecoins such as USDC, a regulated, fully-reserved U.S. dollar-backed stablecoin issued through the regulated entities of Circle, a global technology firm.

Key Details:

In a LinkedIn postthe Multi-Currency Stablecoin Exchange is said to utilize $USDC and other stablecoins.

  • How it works: It also enables counterparties to swap and convert multiple currencies in a public but permissioned blockchain.

  • Target Users: The exchange then aims to bring opportunities to freelancers, SMEs, and overseas Filipino workers.

  • The Role of JUST Finance: The firm will host a liquidity pool that will provide users with fast and cost-effective solutions for cross-border payments, remittances, and foreign exchange transactions.

  • The Role of UBX: As UnionBank holds the VASP license from the country’s Central Bank, it is seen to utilize the Philippines’ $40 billion in international remittance per year.

Key Quote:

“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.”

David Inderias, Chief Executive Officer, JUST Finance

“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.”

John Januszczak, Chief Executive Officer, UBX

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Zoom Out: It is not the first time that UBX and the UnionBank ecosystem have been involved in utilizing blockchain technology for remittance and cross-border transactions, specifically stablecoins.

This article is published on BitPinas: UnionBank’s UBX Partners with JUST Finance to Launch Multi-Currency Stablecoin Exchange

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