what's PHPX?

PHPX is a multi-issuer stablecoin pegged 1:1 to the Philippine Peso (PHP), built on the Hedera network using Hedera Token Service and Stablecoin Studio. Developed by Singapore-based JUST Finance in partnership with leading Filipino banks such as Rizal Commercial Banking Corporation (RCBC), Cantilan Bank, Rural Bank of Guinobatan, and UBX (a UnionBank fintech), it emphasizes regulatory compliance, real-time auditing, and distribution exclusively through licensed institutions. The stablecoin facilitates efficient cross-border payments, remittances, and potential expansions into trade settlements and point-of-sale applications. Its multi-bank governance model allows issuers to mint and redeem tokens against verified PHP reserves, with interoperability to other stablecoins like USDC and EURC. Hedera's enterprise-grade DLT provides low-cost, high-throughput operations suitable for institutional use.