Philippines’ UnionBank Launches ‘PHX’ Stablecoin

Asia Blockchain Review
August 9, 2019

Philippines-based UnionBank has launched a payments-focused stablecoin called PHX pegged to the Philippine peso using UnionBank reserves, according to a report by PhilStar Global. According to a report by Coindesk, this marks the first blockchain-based transaction in the country. 

i2i Platform to Connect Rural Banks Across Philippine Islands

The newly introduced cryptocurrency PHX is being implemented on UnionBank’s i2i platform, which according to Philstar, stands for “island-to-island, institution-to-institution, and individual-to-individual.” The i2i platform serves as the blockchain-based clearing system that connects UnionBank to rural banks in the country.

According to Arvie de Vera, Senior Vice President of UnionBank, the PHX stablecoin is designed to function as “a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments.” 

Transactions on the i2i payment platform have already been carried out successfully by three rural banks.

PHX to be Traded Cross-Platform in the Future 

UnionBank account holders can now purchase PHX via debits. As the stablecoin is designed to be interoperable, it may be traded across various platforms and wallets in the future, both domestically and globally. This allows for efficient, inclusive transactions and payments, in keeping with the government’s mandate for the sustainable promotion of financial inclusion for all Philippine banks. 

UnionBank has also used blockchain-based tokenized fiat to successfully remit funds from OCBC Bank in Singapore to an account holder at Cantilan Bank.

The stablecoin and i2i platform were the results of UnionBank’s blockchain development. Earlier this year, the bank also launched two-way digital asset ATMs to offer remittance services in response to the increasing demand. 

Source: https://www.coindesk.com/ 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Shenzhen Firms Issue 6Mil. Blockchain Invoices in 12 Months
The Chinese city of Shenzhen has reportedly issued almost 6 million blockchain-based invoices over t...

August 17, 2019

Thailand Considers Extending AML Regulations to Crypto
Thailand’s Anti-Money Laundering Office has revealed that it may extend AML regulations to include c...

August 17, 2019

The Future of DEXs
Decentralized exchanges (DEXs), which are non-custodial by nature, were also much more secure than t...

August 16, 2019

DECENTRALIZED FINANCE: Defying the Global Financial System
Although it was only established last year, the DeFi system has already locked in US$500 million wor...

August 16, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us