{"id":146457,"date":"2025-01-10T22:00:53","date_gmt":"2025-01-10T20:00:53","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=146457"},"modified":"2025-01-10T12:48:24","modified_gmt":"2025-01-10T10:48:24","slug":"philippines-set-to-launch-new-stablecoin-for-international-payments","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/philippines-set-to-launch-new-stablecoin-for-international-payments\/","title":{"rendered":"Philippines Set to Launch New Stablecoin for International Payments"},"content":{"rendered":"<p>The <strong><a href=\"https:\/\/www.ledgerinsights.com\/filipino-banks-plan-to-launch-multi-issuer-stablecoin-phpx-on-hedera-dlt\/\">initiative<\/a><\/strong>, driven by a collaboration between several Philippine banks, will be based on the <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/hedera\/\">Hedera<\/a> <\/strong>DLT network and is expected to launch between May and July.<\/p>\n<p>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.<\/p>\n<p>As the Philippines relies heavily on remittances\u2014$40 billion were sent back to the country in 2024\u2014the 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.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/okx-warns-of-fraudulent-firefox-extensions-users-advised-to-secure-wallets\/\" title=\"OKX Warns of Fraudulent Firefox Extensions, Users Advised to Secure Wallets\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/06\/okx-exchange-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">OKX Warns of Fraudulent Firefox Extensions, Users Advised to Secure Wallets<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>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\u2019s permissioned network for secure, low-risk transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":3,"featured_media":24714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[],"class_list":["post-146457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philippines Set to Launch New Stablecoin for 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