Web3 fintech company JUST Finance announced that it has partnered with several local banks to launch the bank-collateralized Philippine Peso stablecoin PHPX. The relevant partner banks include: Union Bank of the Philippines (UBX), Rizal Commercial Bank (RCBC), Cantilan Bank, Rural Bank of Guinobatan, and other commercial banks and rural banks. It is reported that PHPX will be supported by a consortium of regulated banks and asset management companies to ensure financial support and real-time audits, and can only be distributed through licensed banks to meet strict compliance and ethical standards.