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