Foresight News reports that several banks in the Philippines, including Union Bank of the Philippines, plan to launch a multi-bank peso stablecoin PHPX later this year to support cross-border payments. This stablecoin will initially operate on the Hedera Distributed Ledger Technology (DLT) network, and the Bangko Sentral ng Pilipinas has the final say on when the solution will go live, with the earliest launch date set between May and July of this year.