[NEWS] Union Bank To Launch Peso Stable Coin (UPHP) (UPDATE: it's called PHX)

[Bttzed03]

Eto ang bagong development ng cryptocurrency sa Pinas. Marahil marami sa inyo ang hindi pa bilib sa mga stable coin pero wala din masama kung madagdagan option natin. Para sa akin, isa itong positibong balita. Nakakatuwa na sa bansa natin ay hindi hadlang ang Bangko Sentral sa paglaganap ng cryptocurrency. https://bitpinas.com/news/exclusive-interview-unionbank-launch-peso-stablecoin-called-uphp/

The commercial bank-backed token called UPHP is pegged to the Philippine Peso (meaning 1 UPHP = 1 Php), backed by UnionBank. The issuance and testing will first be piloted by UnionBank account holders for transferring funds, sending, and receiving payments.

By it being bank-backed and approved by the central bank, the UPHP distinguishes itself by it having a stable value backed by trusted institutions.” – Arvie De Vera, UnionBank Head of Fintech Business Group

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Article update May 28, 2019:
 

Peso Stablecoin will be running through UnionBank’s i2i, the bank’s blockchain platform which is built on Consensys’ Kaleido platform

UPHP is designed to be interoperable and can be used by any BSP compliant platform intended to transfer value between blockchain-enabled wallets and also other fiat wallets. This interoperability will also allow UPHP to be available for cross-border transactions across various regulatory approved exchanges globally.

He cited platforms like UnionBank’s i2i Rural Bank, blockchain-based remittance “bank-in-a-box” platform, BSP-approved virtual currency exchanges, or BSP-approved token-enabled mobile apps, to name a few locally. However, this UPHP is also going to be available on global platforms in the future.

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Update: July 26, 2019

The very first Philippine Stable coin has been launched and it's called PHX (not UPHP as reported in previous months)

UnionBank of the Philippines launched the stablecoin called PHX to facilitate a blockchain-based cross-border remittance transaction. In doing so, it makes them the first bank in the Philippines to launch a stablecoin and conduct remittances via blockchain.

https://bitpinas.com/news/unionbank-launches-cryptocurrency-stablecoin-phx/

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[YuginKadoya]

Well. Para sakin hindi talaga ako bilib sa stable coins, but for banko central to make a move to enter in the cryptocurrency world eh hindi naman ako against and baka nga may mangyari na regulations ng Cryptocurrency dito sa bansa natin ok lang din parang dagdag para saatin na holders ng coins, Pero kapag paguusapan ang stable coins na back up ng fiat currency negative talaga ako, Pero syempre tignan natin kung anong idudulot nito para sa bansa natin.

[r1a2y3m4]

Magandang balita din naman siya. Kasi ang mga stable coins I treat them as a safe haven to all of my trades. For example, you are trading BTC/ICX, nung nag TP out ka ginawa mo siyang BTC then ginawa mo kunwaring USDT. So safe na siya dun, e bumaba bitcoin. Edi magiging safe yung trade mo na yun.

[BossMacko]

Magandang balit yan crypto created and backed by trusted institutions. Problem is stable coin? Panget ang stable coin lano tyo mag babuy and sell nyan.

[enhu]

Mukhang may plano rin naman ata silang ilista sa exchanges so maganda na rin para sa traders dito sa Pilipinas.  Baka magkarron na ng UPHP sa coins.pro.
Naghahanda na sila sa adoption sana rin ay magkaron na rin ang Unionbank ng services gaya ng egive, dahil madalas disabled ang eGive sa security bank.

[Bitkoyns]

Eto ang bagong development ng cryptocurrency sa Pinas. Marahil marami sa inyo ang hindi pa bilib sa mga stable coin pero wala din masama kung madagdagan option natin. Para sa akin, isa itong positibong balita. Nakakatuwa na sa bansa natin ay hindi hadlang ang Bangko Sentral sa paglaganap ng cryptocurrency.

By it being bank-backed and approved by the central bank, the UPHP distinguishes itself by it having a stable value backed by trusted institutions.” – Arvie De Vera, UnionBank Head of Fintech Business Group

https://bitpinas.com/news/exclusive-interview-unionbank-launch-peso-stablecoin-called-uphp/

Magandang balita to. Mas madali na din mag hold ng php based stable coin sa wallet na nasa kontrol natin ang private key unlike na nasa coins.ph lang.

[harizen]

Let them do what they want. We can criticized after lol.

Di mawawala ang questions pero we can just see the results once become live. Having our own stablecoins will also lead into awareness by others. Good thing nga nakiki-involved na ang mga banks because no doubt at ayaw man ng iba, we need banks cooperation to promote such things.

Matatalinong tao nasa likod nyan and they will not just issued or implement something na di dumaan sa malawakang brainstorming.

[Theb]

Malakas ang kutob ko na ang UPHP ay para lang magiging Gcash or Smart Money ng mga Telecom providers natin. Yes it will be a stablecoin by design but it has no means of becoming a traditional crypto that Filipinos need to learn. Ang nakikita ko dito is kung hindi ka user ng Unionbank di mo lang din gagamitin ito lalo na kung hindi nila ginawang available ito on other outlets. Sa nakikita ko lang Unionbank has been aggressively using Blockchain pero di pa nga nila napapakalat yung Crypto ATM nila, parang may mali.

[sheenshane]

Well, let's just wait what is the progress bring by the Union Bank by having their own stable coin. Maganda magkaroon ng stable coin I am sure dumami ang crypto exchange market dito sa atin dahil maganda gamitin sa trading and stable coin tulad ng USDT. As of now, no comment muna ako kasi malay natin maging successful yan. I that happen I am sure some banks will follow their steps sa pag adopt ng Bitcoin(crypto in general) sa ating bansa since crypto here was BSP-approved virtual currency exchanges.

[yazher]

Eto ang bagong development ng cryptocurrency sa Pinas. Marahil marami sa inyo ang hindi pa bilib sa mga stable coin pero wala din masama kung madagdagan option natin. Para sa akin, isa itong positibong balita. Nakakatuwa na sa bansa natin ay hindi hadlang ang Bangko Sentral sa paglaganap ng cryptocurrency.

By it being bank-backed and approved by the central bank, the UPHP distinguishes itself by it having a stable value backed by trusted institutions.” – Arvie De Vera, UnionBank Head of Fintech Business Group

https://bitpinas.com/news/exclusive-interview-unionbank-launch-peso-stablecoin-called-uphp/

Isa lang talaga ang masasabi ko dito, Isa itong magandang balita para sa mga Crypto currency lover dito sa ating bansa Atleast hindi na tayo mangangamba na alisin nila ang legelidad ng crypto dito sa atin. peron tungkol jan sa Pagkastable ng UPHP parang hindi ko bet yan. tignan mo tumataas na yung presyo ng ibang mga coins pero yung USDT na katulad nyan wala pa rin pinagbago.

[BossMacko]

Yun na nga magiging legit lang crypto currency pero using the coin itself since stable coin useless mag hold. Ang maganda support nlng nten ibang pinoy crypto pag naglabasan after release ng UPHP n yn.

[dameh2100]

Yun na nga magiging legit lang crypto currency pero using the coin itself since stable coin useless mag hold. Ang maganda support nlng nten ibang pinoy crypto pag naglabasan after release ng UPHP n yn.

Para sa akin, okay lang naman yung stablecoin para hindi na lumabas entirely sa crypto market cap yung pera natin, atleast park lang ng park yung mga magtake ng profit sa stablecoin. And kung gagawin naman ito ng Unionbank, maganda ito gamitin for payment sa mga stores online or sa mga bill payment.

[bitcoin31]

Unti unti na talagang naadapt ng Pilipinas ang cryptocurrency. Isang napakagandang balita nito para sa atin dahil makakatulong ito sa pagunlad ng cryptocurrency. Kaya hindi nakakapagtaka sa susunod na mga buwan mas lalong tatas ang presyo ng bitcoin at ng ibang mga altcoins.  Ang maganda pa dito isang banko pa mismo pa mismo ang gagawa ng sarili nilang coin pero let's see if magiging successful ito.

[Sanitough]

Banks will favor the stable coin, they just want to use that for their transaction.
Well, although not so relevant in the market for now, but in the future it could help, maybe if they can partner with coins.ph, we don't have to worry about the high spread conversion from bitcoin to PHP as they already have the stable coin, well, I hope all commercial banks will follow.

[spadormie]

Banks will favor the stable coin, they just want to use that for their transaction.

Of course, ang gusto lang naman ng government and banks is safe tayo on investments. Pero mas maganda kung gagawa sila ng Btc wallet din nila para dito if gusto nilang magkaroon ng stable coins. Kase ang alam ko ATM palang ang meron eh.

[rosezionjohn]

[..snip..]Nakakatuwa na sa bansa natin ay hindi hadlang ang Bangko Sentral sa paglaganap ng cryptocurrency.

Sa totoo lang mapalad tayo dito sa Pinas kumapara sa ibang bansa kagaya na lamang ng India na pinaghihigpitan ang crypto.

Well, let's just wait what is the progress bring by the Union Bank by having their own stable coin. Maganda magkaroon ng stable coin I am sure dumami ang crypto exchange market dito sa atin dahil maganda gamitin sa trading and stable coin tulad ng USDT.

Ito din inaasahan ko noong nakita ko yung balita. Once na magsimula na mag-operate ang mga approved exchanges, malaki magiging role din ng UPHP. Mukhang maayos naman takbo ng mga local exchanges sa ibang bansa gaya ng Indodax at yung mga nasa S. korea.

[Russlenat]

Banks will favor the stable coin, they just want to use that for their transaction.

Of course, ang gusto lang naman ng government and banks is safe tayo on investments. Pero mas maganda kung gagawa sila ng Btc wallet din nila para dito if gusto nilang magkaroon ng stable coins. Kase ang alam ko ATM palang ang meron eh.

Yang stable coins is not an investment para sa akin, dahil from the word stable, hindi yan volatile or mag change ang value.
Parang tether lang yan, at iba pa, marami ng stable coins ngayon, bali kung gamitin natin sa investment yan, parang nag convert tayo para di na apektado pag bumaba ang price. Maganda kung may trading site na pwede tayong mag trade btc to stable coin (UPHP).

[efrenbilantok]

Magandang balita to at talagang makakatulong kung maililist sya sa mga major exchanges tulad ng binance, bittrex, coinbase at kung anuman na madalas gamitin ng pinoy na exchange para hindi na tayu makaltasan ng madami sa pagconvert convert pero syempre kelangan supported at available sya sa coins wallet para direkta dun ang withdraw.

[CryptoBry]

Sa aking alam malaki ang gamit ng stablecoin lalo na sa trading, sa mga panahon na very volatile ang merkado at gusto mong pumunta muna sa isang safe haven. I am sure UnionBank many things with this coin as it can have many uses not just in trading actually this can also be used in remittance here and abroad. The choice of a stablecoin is good since UB is not a decentralized financial organization. Tingnan natin ang mga susunod na kabanata sa bagong pangyayaring ito...sigurado ako UB will soon launch an introduction or education campaign on this. Here in the Philippines, we are slowly developing the cryptocurrency market and we have to thank SEC and the Central Bank for not closing theri minds on this platform.

[ice18]

Mukhang may plano ang UNION BANK  na maging number 1 friendly crypto bank dito sa Pilipinas sa nakikita ko talagang push nia ang blockchain technology lalot nag umpisa na ang bitcoin atm nila tingin ko magkakaroon din ito ng sarili  nilang blockhain wallet na pwede gamitin ng UPHP nila or posibleng gumawa den siguro sila ng crypto exchange like CoinsPro.