UnionBank, the leading bank in the Philippines, will soon be the country’s first financial institution to issue its own cryptocurrency. A pilot transaction has already been completed successfully, according to local reports.
UnionBank has successfully issued and transacted with its very own cryptocurrency. Called PHX, it will be a stablecoin pegged to the Philippine peso. The coin will operate on a platform called ‘i2i’ and will connect UnionBank with other banks in the rural parts of the country.
According to UnionBank, PHX is intended to be a “store of value, medium of exchange, and a programmable token.” It will allow the bank to facilitate more transparent practices and automate its payment systems. Moreover, the bank believes PHX will also inadvertently boost liquidity.
Philippines’ Largest Bank Will Launch Its Own Peso-Pegged Stablecoin
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