PHX Fiat-Pegged Coin Released by Philippines Major Bank, Fund Transfers Kick off Successfully

The Philippines media reports that one of the biggest local banks, UnionBank, has released its own coin backed by the local fiat money. The stablecoin PHX trials are already happening.

Another institution to trial its own coin

The UnionBank’s VP de Vera said that the bank has already started using PHX in its online transactions via the i2i network that links the institution to other local banks.

PHX is backed by the local peso, which should bring the coin’s volatility down to a minimum as opposed to other crypto in the market, such as BTC.

Three local banks have already participated in the trials on the i2i network. The operations they conducted with PHX were purchase, transfer and local remittance.

The i2i network is a DLT-based project that links rural banks of the country. In the future, PHX is meant to be used not only within the Philippines but also on a global scale.

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JP Morgan’s coin

Earlier this year, a banking giant JP Morgan also made and released its own stablecoin JPM. However, it is meant for the internal use only and many experts insist that it is not a stablecoin and not even a crypto.

Other global banks are so far testing only their own blockchain-based transaction systems, avoiding the use of crypto.