JUST Finance has partnered with UBX and a consortium of Philippine banks to launch a new multi-currency stablecoin exchange.
Built on a public but permissioned blockchain, the platform allows users to seamlessly exchange a variety of currencies using stablecoins such as USDC, Circle’s dollar-backed digital currency.
The exchange aims to simplify cross-border payments and foreign exchange transactions, making it faster and more affordable for businesses and individuals, especially freelancers, small and medium-sized enterprises and overseas Filipino workers.
By leveraging blockchain technology, the platform ensures that transactions are secure, transparent and cost-effective.
JUST Finance is encouraging participation from numerous regulated banks and fintech companies to maximize liquidity and trading volume on the exchange.
The move is particularly significant for the Philippines, which receives nearly $40 billion in remittances each year.
The increased liquidity and efficiency provided by stablecoin exchanges is expected to improve remittance flows and facilitate international trade, with a focus on streamlining B2B payments, remittances, and trade finance.
David Indias
David Inderias, CEO of JUST Finance, said,
“We are excited to be working with some of the most trusted financial institutions in the Philippines to bring the benefits of stablecoins and on-chain finance to the mainstream.
This liquidity pool not only meets the need for faster and cheaper cross-border transactions, but also aligns with our mission to make the financial system more inclusive and efficient.”
John Januszak
John Januszczak, CEO of UBX, said,
“We are pleased to be spearheading this great initiative alongside our other partners in the Philippine banking industry.
By promoting the use of stablecoins, we will achieve qualitative improvements in the security, efficiency, liquidity and cost of cross-border and foreign exchange transactions such as remittances, B2B payments and trade finance.”
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