According to ChainCatcher, UnionBank of the Philippines, Rizal Commercial Bank, Cantilan Bank, and Rural Bank of Guinobatan plan to launch the PHPX peso stablecoin this year.
The stablecoin will run on Hedera distributed ledger technology. The project was initiated by Singaporean startup Just Finance, and the bank will play an important role in governance.
Cross-border payments, especially remittances, is one of the key use cases for PHPX.
