Stablecoins have become one of the most widely used and transacted forms of blockchain-based currency. In recent years, several nations have expressed significant interest in developing stablecoins backed by their national currencies.
In a most recent development, it has been noted several Philippines traditional banks have been working together to create and launch a stablecoin backed by Peso named as PHPX to ease cross-border payments.
PHPX token is expected to launch between May and June, as per the available information the stablecoin is developed by Just Finance a Singapore-based startup it is worth noting that PHPX will be launched on the Hedera Network.
Ledger Insights notes that Unionbank of Philippines, Rural Bank of Guinobatan, Rizal Commercial Banking, and Cantilan Bank are major banks involved in the development of stablecoin.
The involved banks are among the leading players in the Philippines, some of them are known for their huge investment funds, and others have a huge and expert technical and software professional.
After the news came into the spotlight, John Januszczak the Chief Executive Officer of UBX noted why there is a need for these tokens “ publicly exchangeable to support use cases outside our ecosystem.”
A person aware of the fact notes that PHPX not only aims to cater to domestic masses but also intends to serve international blockchain and decentralization enthusiasts.
Januszczak, quotes “The speed of payments has not kept up with the speed of commerce.” “As a payments network operator, it’s about that fundamental issue, not the technology.”
Philippines stance over Cryptocurrencies?
In an effort to provide a strong regulatory framework for organizations providing crypto-related services, the Securities and Exchange Commission (SEC) of the Philippines has published a draft of the “SEC Rules on Crypto-Assets Service Providers” (CASP).
Before January 18, 2025, the SEC is asking the public for input on its proposed rules.
It is anticipated that the Philippines will have the opportunity to witness a rise in digital entrepreneurs and innovation hubs in the blockchain solutions niche as more students gain knowledge in these courses.
Stablecoin market capitalization
Stablecoin market capitalization was at $212 billion with $57,296,551,761 as intraday trading volume. It is worth noting that in terms of market capitalization Tether stands at the top of the list followed by USDC, USDS, Ethena USDe, Dai, First Digital USD, Usual USD, and Tether among others.
As of Nov. 25, stablecoin trade volumes on centralized exchanges reached $1.81 trillion, a 77.5 percent increase that was among the largest monthly volumes in 2024.
As of writing, the cryptocurrency market capitalization was at $3.31 trillion with an addition of 1.20 percent in the past few hours, at the same time Bitcoin was trading at $94,920 with 1.73 percent.
The fear and greed index of cryptocurrencies is at 46 reflecting a neutrality in the attitude of the investors and traders.
KAIA increased 11.15 percent in the last day to trade at $0.2208, followed by SUI, Fantom, FET, Render, and Gala, which all saw growths of 10.97 percent to trade at $5.13.
