Philippine Banks Launch PHPX Stablecoin for Payments Victor | usagoldmines.com

Four Philippine banks have collaborated with JUST Finance to launch PHPX, a multi-bank collateralized stablecoin on the @Hedera Stablecoin Studio https://t.co/lpKxqXFmFU

— HBAR Foundation (@HBAR_foundation) January 10, 2025

Remittances are a cornerstone of the Philippine economy, with over $40 billion sent by overseas Filipino workers in 2024 alone, according to World Bank data. The PHPX stablecoin aims to make these transactions quicker and more efficient, allowing for real-time payments. Januszczak envisions a scenario where a Filipino worker in the US could pay their children’s school tuition directly from overseas, with the transaction completed instantly.

PHPX Stablecoin Launches Multicurrency Exchange for Cross-Border Payments

The collaboration also aims to establish a multicurrency stablecoin exchange. This will enable seamless swaps between PHPX and stablecoins. Such as USD, Singapore dollars, and Japanese yen. This will allow for greater liquidity and make cross-border payments even more accessible. To ensure the stability of the PHPX ecosystem, liquidity providers will be sought to support these token swaps as demand grows.