UnionBank’s UnionDigital to Launch Crypto Stablecoin PHD

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By Shiela Bertillo

UnionDigital Bank is set to launch Philippine Peso UnionDigital stablecoin (PHD) soon. Arvie de Vera, the Co-founder and CEO of UnionDigital Bank, exclusively revealed in episode 7 of the BitPinas Webcast last Thursday, January 20.

“We’re going to have a UnionDigital token, it’s going to be called Philippine Peso UnionDigital Token stablecoin; backed by the Philippine peso, backed by your deposit in UnionDigital,”

Arvie De Vera, UnionDigital

He also shared the news in a LinkedIn post, and noted that the ticker for their new stable coin is “PHD.”

In an a followup inquiry, de Vera confirmed PHD will be available to all UnionDigital customers.

UnionBank, which is UnionDigital’s parent company, previously launched in July 2019 the stablecoin called PHX which is used to facilitated a blockchain-based cross-border remittance transaction. (Read more: UnionBank Launches Cryptocurrency (Stablecoin) PHX)

UnionDigital, the digital arm of the UnionBank of the Philippines, is the the fourth bank to be granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP).

Accordingly, when asked about the bank’s involvement with the crypto and blockchain adoption in the Philippines, de Vera stated that they are taking an active role in educating the Filipino community.

“We will take an active role in both the UnionBank and UnionDigital and even UBX, our goal is to innovate, also to regulate and educate. Because when you take care of the community, that will drive mass adoption,” he answered.

He also added that their banks are doing it with the “purpose of driving adoption, (while) educating along the way.”

Consequently, on the same webcast De Vera also revealed that UnionDigital will also collaborate with gaming guild Yield Guild Games (YGG). According to him, UnionDigital is going to be a “bank for the play-to-earn community.” (Read more: UnionDigital Intends to Serve the Play-to-earn Community, to Partner with YGG)

This article is published on BitPinas: UnionBank’s UnionDigital to Launch Crypto Stablecoin PHD

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