Several banks in the Philippines plan to launch the peso stablecoin PHPX, which is expected to go live later this year. 💰The stablecoin will run on the Hedera distributed ledger technology (DLT) network and was initiated by Singapore startup Just Finance. Participating banks include UnionBank of the Philippines and Rizal Commercial Bank, which will play an important governance role in the project.

The launch of PHPX aims to improve the efficiency and cost of cross-border payments, especially in the field of remittances. 📈This marks a new attempt by banks to apply blockchain technology, which may bring new changes to the financial market. 🌐The market is taking a wait-and-see attitude and looking forward to its actual effect.