Several banks in the Philippines have announced a joint project to create a multibank PHPX stablecoin that will be pegged to the peso. At the initial stage, this stablecoin will be launched on the Hedera DLT network.

The initiator of the PHPX development was the Singapore-based startup Just Finance, which joined forces with institutions such as UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobatan.

PHPX stablecoin is expected to enable local commercial banks to eliminate key barriers inherent in traditional money transfers and improve international transactions with instant solutions. As part of this initiative, it is planned to create a multi-currency platform for the exchange of stablecoins, where users will be able to conduct transactions in pairs between PHPX and stablecoins in US dollars, Singapore dollars and Japanese yen.

The participants of this initiative noted that a significant part of the PHPX stablecoin reserves will be placed in the form of government bonds in special trust accounts with banks. This approach will ensure the support and stability of the token.

In addition, earlier, the Securities and Exchange Commission of the Philippines (SEC) presented an initial draft of new regulatory standards for service providers in the cryptocurrency sector.