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Several banks in the Philippines have joined forces to introduce PHPX, a stablecoin pegged to the Philippine peso. The asset is designed for domestic transactions and to streamline global monetary operations.
FinTech firm Simply Finance spearheaded the creation of the PHPX stablecoin, which will likely be deployed on the Hedera blockchain. The stablecoin aims to enhance financial inclusion, develop the domestic real-time funds market, and optimize cross-border remittances.
The initiative was reported by Ledger Insights and later confirmed by several project contributors. Four Philippine banks will be involved in the issuance and support of the new digital asset, specifically:
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- UnionBank of the Philippines;
- Rizal Business Banking;
- Cantilan Bank;
- Rural Bank of Guinobatan.
The PHPX token launch is scheduled for May to July 2025.
The initiative also includes plans to create a multi-currency stablecoin exchange, enabling PHPX to facilitate cross-border payments. The project authors aim to attract liquidity providers to support exchange operations between PHPX and stablecoins pegged to U.S. dollars, Singapore dollars, and Japanese yen.
According to the World Bank, remittances represent a significant part of the Philippine economy. In 2024, financial inflows from overseas Filipino workers exceeded $40 billion.
The press release highlights that the use of the Hedera blockchain ensures compliance with Basel Committee requirements for low-risk crypto-assets. Moreover, PHPX will adhere to the European crypto-asset market regulations launched in late 2024, as well as equivalent regional standards.
