Union Bank to released "Stable Coin"

[maxreish]

Image Source

There are still banks who are very optimistic about cryptocurrency. One of those is the Union Bank of the Philippines. Before, they launched  ATM machines which indicates that they are supporting bitcoin and  can possibly step forward about mass adoption. This creates positive impact about blockchain technology.

Aside from that, Union Bank confirms that they will now releasing their own "Stable Coin".. They want to minimize the volatility which bitcoin and other coins are giving, that is why they have decided to make a stable coin. Take note that they are now have a permit from BSP (Bangko Sentral ng Pilipinas) which approves virtual currency exchanges and other money/financial issues.

This is an overview of their stable coin:

Project i2i—or island-to-island, institution-to-institution, and individual-to-individual—is UnionBank’s clearing system that connects rural banks through blockchain technology

This somehow excites me, I know there are a lot of stable coin now in the crypto market. But knowing our prestigous Bank (Union Bank) is launching this kind of crypto stable coin makes me realized that mass adoption is really near to achieved especially in our country.

This is the link if you want to further read the news.

[Bravext]

When I saw the topic of this thread, I rushed to open it because there is a Union Bank in my country but immediately I saw the colour and logo, I rushed to check it out but this isn't the Union Bank in my own country, this is definitely good news for crypto, more adoption and recognition is definitely a plus.

[pishite]

I clicked on the link and did not understand how the coin would be stable in order to have a good stable exchange rate, in gold, Bitcoin or a dollar. As for me, PR from the bank and no more.

[jacafbiz]

I am not surprise about this, many banks already have their profit shrink and need new products to drive growth and it won't be a bad idea to bet on crypto, do you how many banks in the space that would love to swap position with Binance, when compared to the quarterly profit

[bitcoindusts]

I am not surprise about this, many banks already have their profit shrink and need new products to drive growth and it won't be a bad idea to bet on crypto, do you how many banks in the space that would love to swap position with Binance, when compared to the quarterly profit

Agree here. They must think of new ways to be able to ride on or go with the flow or else they will be left out bankrupted. If the attacks they are doing on crypto does not give them anything at all then they must think of other way. If negative won’t work try the positive one. Well, good luck to Union bank, this step will be good both for them and for bitcoin. People out there who are not aware about cryptocurrency and have not tried yet will be awaken and this news will give them enthusiasm somehow.

[Kemileye]

The truth is that banks are actually interested in blockchain and cryptocurrency. I am not surprised to see that union bank in Philippines has come out to talk about its stablecoin. There are lot of major banks in Asia that has adopted blockchain technology for a while now. Its indeed a good for for crypto space and I hope we have more of this in coming years.

[tabas]

I clicked on the link and did not understand how the coin would be stable in order to have a good stable exchange rate, in gold, Bitcoin or a dollar. As for me, PR from the bank and no more.

It should stable in Philippine Peso I guess since Union Bank is based on Philippines. There are other same name of this bank in other countries but it's specific.

The truth is that banks are actually interested in blockchain and cryptocurrency.

That's the truth, they are interested as long as they can find a market and generate income through it.

[bitsurfer2014]

I'm so glad that one of the major banks in my country has finally embraced and recognized the benefits of utilizing blockchain technology and this development could also pave the way for more adoption among major banks and the Filipino people in general.

[zero714309]

Back to a years ago we hear some bad news about cryptocurrency from bankir but we all know actually bank interested and want to use blockchain and cryptocurrency technology. Philippine one of lucky country who's open minded and accepted cryptocurreny. Im waiting in my country also. Im Indonesian.

[qazgroup]

That is massive news, it just goes to show that how mainstream businesses are also entering crypto and they are going one step further by coming up with crypto based business to generate revenue and crypto at the same time, no doubt these businessmen are genius who do not want to miss out on crypto revolution.

[zero714309]

The truth is that banks are actually interested in blockchain and cryptocurrency. I am not surprised to see that union bank in Philippines has come out to talk about its stablecoin. There are lot of major banks in Asia that has adopted blockchain technology for a while now. Its indeed a good for for crypto space and I hope we have more of this in coming years.

Blockchain technology is good and im really sure bank interested in long time ago but they still afraid cryptocurrency will more popular and many people use cryptocurrency for investment than using bank.

[cytpoway121]

This is a good development and I suppose it will be a bank token just as JPMorgan coin too.
With even more wide range adoption for crypto currency;

Still we need to find out how the stable coin benefits us all in the crypto currency world

[rodel caling]

Image Source

There are still banks who are very optimistic about cryptocurrency. One of those is the Union Bank of the Philippines. Before, they launched  ATM machines which indicates that they are supporting bitcoin and  can possibly step forward about mass adoption. This creates positive impact about blockchain technology.

Aside from that, Union Bank confirms that they will now releasing their own "Stable Coin".. They want to minimize the volatility which bitcoin and other coins are giving, that is why they have decided to make a stable coin. Take note that they are now have a permit from BSP (Bangko Sentral ng Pilipinas) which approves virtual currency exchanges and other money/financial issues.

This is an overview of their stable coin:

Project i2i—or island-to-island, institution-to-institution, and individual-to-individual—is UnionBank’s clearing system that connects rural banks through blockchain technology

This somehow excites me, I know there are a lot of stable coin now in the crypto market. But knowing our prestigous Bank (Union Bank) is launching this kind of crypto stable coin makes me realized that mass adoption is really near to achieved especially in our country.

This is the link if you want to further read the news.

Oh great news will check this news, if union bank can launch this plan, Philippines is one of the country supported the cryptocurrencies, I am proud for that bank came from country adopt crypto.

[muratsink]

it was a good decision from the union bank to respond to the Philippine government's policies.  the purpose of the union bank is to make crypto ATMs to provide maximum service to clients who use crypto assets.  and today, their goal in creating crypto is to increase liquidity.

[creeps]

They are ahead compare to othee Philippine’s local banks and they really support cryptocurrency. Making their own stable coin is ok as long as they help people to understand their coin. Stable or not if the adoption like this grows more, we can expect the price of any coins like bitcoin to pump as well, so this is a good news.

[Dreamchaser21]

I'm so glad that one of the major banks in my country has finally embraced and recognized the benefits of utilizing blockchain technology and this development could also pave the way for more adoption among major banks and the Filipino people in general.

There’s a big support for cryptocurrency and knowing banks to adopt it for sure they are preparing as well for the great future. If many banks do this in order for them to survive i have no doubt that many banks will also follow, especially the international banks like JP Morgan and many more.

[kawetsriyanto]

So in the next few weeks, the Union Bank will likely release stable coins, to minimize volatility like other types of cryptocurrencies. A good idea and a rapid advance in the crypto world. Where more and more companies include banks that join. This might be good news.
But can this stable coin from the Union Bank be accepted on the market? We'll see the progress.

[WalkerIVIV]

When I saw the topic of this thread, I rushed to open it because there is a Union Bank in my country but immediately I saw the colour and logo, I rushed to check it out but this isn't the Union Bank in my own country, this is definitely good news for crypto, more adoption and recognition is definitely a plus.

I think you are missing to read the words of union bank of PH.
The adoption is one step closer because more banks consider issuing its stable coin. Right now IMF and G7 already made a decision if they will release their stable coin in the future.

[goolesby]

Currently, there are already several banks that are interested in entering the crypto world by offering various digital banking solutions and other concepts. And indeed this should be because someday it could become blockchain technology in cryptocurrency can be an alternative for official banking. We'll see how later the Union Bank can conceptualize their stable coin well and attractively. So that the coin is not included in the shit coin.

[fortunecrypto]

It's good for a local bank in the Philippines to be the pioneer on this, they have pioneered a lot of things about Cryptocurrency and this one is just a giant step, soon as many people in the Philippines adopting Bitcoin they will shift to Union bank for all their banking needs.