Union Bank of Philippines Launched Its Own Stablecoin Cryptocurrency
Largest Union Bank of Philippines launched its own stablecoin cryptocurrency named PHX and pegged to the Philippines peso, reported on 26 July 2019.
What Are Stablecoins? How Stablecoins Works?
The newly launched PHX stablecoin will be used to conduct the transactions using blockchain technology first time in the country.
“PHX is 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,”
– UnionBank senior vice president, Arvie de Vera
All the transactions of the PHX stablecoin were implemented on the i2i platform that normally integrates the listed bank to rural banks, de Vera said.
In the beginning, only i2i participants are allowed to buy the PHX stablecoin directly from their respective accounts in Union Bank, and they can also easily convert their PHX into Peso that will be credited into their respective Union Bank accounts.
This year, The Union Bank is one of the biggest banks in the Philippines with 300 branches throughout the country, will be launching Crypto ATM in the country.
Recently, a Latin American social networking giant Taringa! partnered with MakerDAO and Airtm, to launch a point-based stablecoin system for it’s 27 million worldwide users.
Previously, Mizuho Bank of Japan going to launch its own Stablecoin which is pegged to “Yen” for payments and other services.
