Several leading financial institutions in the Philippines have partnered with Web 3.0 fintech company JUST Finance to launch the first bank-collateralized Philippine Peso stablecoin, PHPX.
These institutions include UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, Rural Bank of Guinobatan, and other commercial and rural banks.
Developed by JUST Finance, a joint venture between FSCO and Ayannah, PHPX provides a secure and transparent digital representation of the peso, backed by reserves held by regulated banks and asset managers.
PHPX aims to improve financial efficiency by reducing the cost and processing time of remittances and foreign exchange swaps.
This product is distributed only through licensed banks, which adhere to strict compliance and ethical standards.
A dedicated multi-currency exchange allows users to easily convert PHPX into major stablecoins such as USDC and EURC, enabling seamless cross-border transactions.
Additionally, PHPX offers investments in tokenized real-world assets such as bonds and ETFs denominated in Philippine Pesos, US Dollars, and Euros.
The launch comes as stablecoin transaction volume reached $9 trillion in the first half of 2024, more than double Visa’s payment volume.
The project is led by the Digital Asset Alliance, a coalition of banks, asset managers and fintech companies that aims to advance financial inclusion in the Philippines through blockchain technology.
David Indias
“This initiative provides Filipinos with safe, high-yield financial instruments and fosters a culture of saving and investing.
It transforms financial inclusion and accessibility, enabling Filipinos to hold PHP on-chain and invest in tokenized assets.”
david Inderias, CEO of jUST Finance said.
Lito Villanueva
“PHPX’s regulatory framework will enhance cross-border remittances and payments, providing faster, cheaper, and more secure financial solutions to Filipinos around the world.”
Lito Villanueva, chairman of the Philippine FinTech Alliance, said.
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