Several banks in the Philippines have collaborated to launch the stablecoin PHPX pegged to the peso to enhance cross-border payments.

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Odaily Planet Daily News According to multiple banks in the Philippines are jointly launching the stable coin PHPX anchored to the peso to enhance cross-border payments and promote financial inclusion. The PHPX Token will make its first appearance between May and July, utilizing Decentralization ledger technology (DLT) through the Hedera network. Singapore fintech startup Just Finance is leading the project, with key participants including UnionBank of the Philippines, RCBC, Cantilan Bank, and Guinobatan Rural Bank. These banks will also oversee the operation of PHPX. (Ledger Insights)

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