Deep Tide TechFlow News, on January 9, according to Ledger Insights, several banks including UnionBank and RCBC plan to issue a multi-issuer stablecoin PHPX on the Hedera network in May-July 2025. The project is initiated by the Singapore startup Just Finance, primarily targeting the cross-border remittance market with an annual transaction volume of $40 billion. PHPX uses government bonds as reserves, which will be managed through a segregated trust account to reduce the risk of bank insolvency, and plans to support swap transactions with stablecoins such as USD, SGD, and JPY.
John Januszczak, CEO of UBX, the fintech subsidiary of UnionBank, stated that PHPX will allow overseas Filipino workers to make direct payments for domestic tuition, insurance, etc., providing real-time settlement and breaking through the existing $1,000 limit of retail payment systems. The system will support various deposit and withdrawal methods, including bank accounts, G Cash wallets, and counter withdrawals. The project chose the permissioned chain Hedera to comply with the Basel Committee's crypto asset regulations and reduce the holding costs for banks. In the future, more application scenarios such as retail payments may be opened up under regulatory approval.
