Philippines Set to Launch New Stablecoin for International Payments

A new peso-backed stablecoin called PHPX is set to launch in the Philippines, developed with the aim of enhancing financial inclusion and streamlining cross-border payments.

The initiative, driven by a collaboration between several Philippine banks, will be based on the Hedera DLT network and is expected to launch between May and July.

UnionBank of the Philippines, along with other financial institutions such as Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan, is playing a key role in the creation of PHPX. The project intends to transform the remittance landscape by enabling real-time payments, providing a solution for Filipinos abroad to send money back home efficiently.

As the Philippines relies heavily on remittances—$40 billion were sent back to the country in 2024—the launch of PHPX aims to offer more than just a medium for domestic transactions. It will serve as a tool for seamless international payments and could potentially be used for paying school fees, directly from abroad, with immediate effect.

The stablecoin will also incorporate a multicurrency exchange system for liquidity, allowing users to swap PHPX with stablecoins pegged to US dollars, Singapore dollars, and Japanese yen. The Philippine project intends to ensure full compliance with global regulatory frameworks, leveraging Hedera’s permissioned network for secure, low-risk transactions.