In an exciting development for the Philippines, several banks are joining forces to introduce a new stablecoin called PHPX. This peso-backed cryptocurrency aims to make cross-border payments and remittances easier and more efficient for Filipinos around the world. The PHPX token is expected to launch sometime between May and July 2025.
The PHPX stablecoin is being developed by Just Finance, a startup based in Singapore, and will operate on the Hedera decentralized ledger technology (DLT) network. The participating banks include UnionBank of the Philippines, Rizal Commercial Banking Corporation, Cantilan Bank, and Rural Bank of Guinobatan. Each bank will play a vital role in managing and governing the PHPX stablecoin.
Why PHPX Matters
PHPX is designed to maintain a stable value by being backed by the Philippine peso, making it different from more volatile cryptocurrencies like Bitcoin. This stability is crucial for everyday transactions and international payments. With remittances being a significant part of the Philippine economy—over $40 billion sent home in 2024—PHPX aims to reduce the high fees and slow processes currently associated with sending money abroad.
UnionBank's fintech arm, UBX, has been exploring blockchain technology for years and sees PHPX as a way to create a token that can be publicly exchanged. UBX CEO John Januszczak highlighted the goal of enabling real-time transactions, allowing overseas Filipinos to pay bills or school tuition directly from abroad, during an interview with media outlet Ledge Insights.
Expanding Use Cases
Beyond just remittances, PHPX is set to facilitate various financial transactions, including international trade and retail payments within the Philippines. The banks involved plan to create a multicurrency stablecoin exchange that will allow users to swap PHPX for other currencies like US dollars or Japanese yen.
The launch of PHPX represents a significant step forward in integrating blockchain technology into traditional banking systems in the Philippines. It not only promises to benefit millions of Filipinos relying on remittances but could also serve as a model for other countries looking to modernize their financial systems. With Rapidz's digital wallet, expatriates can now send money home faster, cheaper, and more securely than ever before.
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