Philippine Banks Plan To Launch Peso Stablecoin For Cross-Border Payments

According to Foresight News, several Philippine banks, including UnionBank, are planning to introduce a multi-bank peso stablecoin named PHPX later this year to facilitate cross-border payments. The stablecoin will initially operate on the Hedera distributed ledger technology (DLT) network. The Central Bank of the Philippines holds the final authority on the launch date, with the earliest possible release expected between May and July this year.