UnionBank, one of the largest banks in the Philippines, launched the PHX stable token and became the country's first financial institution to conduct transactions using the blockchain technology , according to The Philippine Star .
UnionBank Senior Vice President Arvie de Vera told the publication that PHX transactions were implemented on the i2i blockchain platform, which connects the institution with the provincial banks.
Stablecoin PHX, the issuer of which is UnionBank, is tied to the Philippine Peso (PHP).
“PHX is a stable value repository, a medium of exchange, and a programmable token with self-actualizing logic. It provides transparent and automatic execution of payments , ”said Arvi de Vera.
Successful operations with the stablecoin were carried out by UnionBank and three provincial banks participating in the i2i network. These included purchase, redemption and internal transfers using PHX.
“Management is provided by the design. No more problems checking. Meanwhile, auditing and compliance are simplified , ”stressed the UnionBank vice-president.
Now, steablecoin is available only to members of the i2i network, which is a clearing blockchain system that connects provincial banks, often located on different islands of the archipelago state. But UnionBank expects that a stable coin in the future will be used on other blockchain platforms, including those outside the Philippines.
Recall that UnionBank in February of this year was the first bank in the country to establish a crypto-ATM.
Publication date 07/28/2019
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