Philippine banks are collaborating to create a peso-backed stablecoin, PHPX, aimed at improving cross-border transfers and financial inclusion. The PHPX token is scheduled to be launched between May and July. The PHPX stablecoin, developed by Singaporean startup Just Finance, will be launched on the Hedera decentralized ledger technology (DLT) network. According to a report by Ledger Insights, participating Philippine banks include Union Bank of the Philippines, Rizal Commercial Bank, Cantillan Bank, and Gino Batam Rural Bank. All participants will play an important role in the governance of the PHPX stablecoin.