One of the largest financial institutions of the country, the Union Bank of the Philippines, has announced the launch of its own crypto today to connect rural banks via its blockchain platform.
The stablecoin dubbed PHX – which is pegged to the Philippine Peso (PHP) – is already implemented on the bank’s i2i blockchain platform, the Philippines-based media outlet Philstar reported.
Three financial institutions in the Philippines – the Summit Rural Bank in Luzon, the Progressive Bank in Visayas, and the Cantilan Bank in Mindanao – have successfully completed live transactions on UnionBank’s i2i blockchain platform.
The rural banks used UnionBank’s crypto to conduct buy, transfer, and redemption transactions as well as domestic remittances.
According to Philstar – in the initial phase –, the participants of the i2i blockchain platform can purchase PHX by making direct debits from their UnionBank accounts. It is reportedly said that the processes of both converting the stablecoin to PHP and withdrawing the funds in fiat to bank accounts would be convenient for i2i users.