Several Philippine banks are collaborating to launch a peso-backed stablecoin named PHPX, designed to facilitate real-time remittances and improve financial inclusion. The PHPX token is set to be launched between May and July 2025 on the Hedera decentralized ledger technology (DLT) network, developed by Singapore-based Just Finance. Major banks involved include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, all of which will participate in the governance of PHPX. The initiative aims to enhance cross-border remittances, enabling overseas workers to make immediate payments, such as school tuition, for their families back home. A multicurrency stablecoin exchange is planned to support liquidity between PHPX and stablecoins like USD, SGD, and JPY. Additionally, the project addresses compliance with international regulatory standards, ensuring adherence to the Basel Committee's low-risk crypto requirements and EU regulations. The PHPX stablecoin aims to expand its use beyond remittances into domestic transactions.

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