Web3 fintech company JUST Finance announced the launch of PHPX, a bank-backed stablecoin in the Philippine peso, in partnership with several local banks, including United Bank of the Philippines (UBX), Rizal Commercial Bank (RCBC), Cantilan Bank, Rural Bank of Guinobatan, and other commercial and rural banks. PHPX will be backed by a consortium of regulated banks and asset managers, ensuring financial backing and real-time audits, and will only be distributed through licensed banks to meet strict compliance and ethical standards.