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Aya Lin · · 1 min readIn brief: The Philippines sees first bank to launch own cryptocurrency
- The UnionBank of the Philippines has launched a stablecoin dubbed PHX and became the first bank in the country to conduct transactions using the blockchain technology, The Philippine Star reported.
- Arvie de Vera, senior vice president and head of the fintech business group at UnionBank, said the PHX transactions were implemented on the i2i platform that connects the listed bank to rural banks.
- The value of PHX is bank-backed and guaranteed to be at parity with the Philippine peso at all times.
- At least three rural bank participants on the i2i network have performed successful live transactions.
Editing by Charmaine de Lazo
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