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Philippine banks team up to launch PHPX stablecoin on Hedera
Philippine banks team up to launch PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions
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Several banks in the Philippines are teaming up to create a peso-backed stablecoin, PHPX, with the goal of improving cross-border payments and financial inclusion. The PHPX token is set to launch between May and July.

Developed by Singapore-based startup Just Finance, the PHPX stablecoin will launch on the Hedera decentralized ledger technology (DLT) network.

According to the Ledger Insights report, participating Philippine banks include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan. All participants will play a significant role in the governance of the PHPX stablecoin.

The banks aim to revamp cross-border remittances using the PHPX stablecoin
UnionBank, through its fintech arm UBX, previously operated PHX, a near-stablecoin within a closed-loop payment system. UBX CEO John Januszczak highlighted the need to create a token that is “publicly interchangeable to support use cases outside of our ecosystem.”
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