Several banks, including Union Bank of the Philippines, plan to launch the PHPX stablecoin to support cross-border payments

ChainCatcher news, several Philippine banks, including UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, plan to launch a peso stablecoin named PHPX later this year, initially operating on the Hedera Distributed Ledger Technology (DLT) network.

This project is initiated by the Singapore startup Just Finance, and the banks will play a significant governance role. Cross-border payments, especially remittances, are one of the key use cases for this project.