Several Philippine banks collaborate to launch PHPX stablecoin on Hedera

Several Philippine banks are collaborating to create a peso-backed stablecoin, PHPX, aimed at improving cross-border payments and financial inclusivity. The PHPX token is planned to be launched between May and July. The PHPX stablecoin developed by Singapore start-up Just Finance will be launched on the Hedera Decentralized Ledger Technology (DLT) network. According to a report by Ledger Insights, the participating Philippine banks include Union Bank of the Philippines, RCBC, Cantilan Bank and GNB Rural Bank. All participants will play an important role in the governance of the PHPX stablecoin.