By Staff Writer
The UnionBank of the Philippines has launched a stablecoin pegged to the Philippine peso as part of the efforts by the local lender to promote financial inclusion through the use of blocckhain technology.
Stablecoin dubbed PHX was already tested on the banks i2i network that connects rural banks to listed banks, according to a report on newspaper PhilStar that quoted Union Bank senior vice president Arvie de Vera.
Three rural bank participants include Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao.
The move comes only days after it successfully piloted a blockchain-based remittance from Singapore to the Philippines (see here).
UnionBank used blockchain-based tokenized fiat to successfully remit from OCBC Bank in Singapore to an account holder at Surigao del Sur-based Cantilan Bank on the i2i network (see here).