The PHPX project was initiated by the Singaporean startup Just Finance, which attracted UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobatan to cooperate.
It is assumed that PHPX will allow the country’s commercial banks to overcome the key limitations of traditional remittances and streamline cross-border transactions by offering real-time solutions.
The initiative includes plans to create a multi-currency stablecoin exchange, where exchange transactions will be carried out in pairs between PHPX and stablecoins in US dollars, Singapore dollars and Japanese yen.
Project participants reported that most of the PHPX stablecoin reserves will be stored in the format of government bonds in specialized bank trust accounts.
Earlier, the Philippine Securities and Exchange Commission (SEC) introduced the first version of new rules for cryptocurrency service providers.
Source: Bits
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