The stablecoin is pegged to the Philipino peso and it is backed by UnionBank reserves. Moreover,with the issuance, the bank also conducted the first blockchain-based transaction by a Filipino bank. The blockchain transaction occurred on the bank’s i2i payment system which connects islands, institutions and individuals. Three rural banks took part in the inaugural transfer.
PHX is available to all UnionBank account holders and purchasable through debits to account holders. In the future, UnionBank plans to connect PHX and i2i and make them interoperable platforms across wallets and platforms in the Philippines and abroad.
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