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
2 mins
By
Anton Lucian
Updated by
Kyle Baird
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.