- DA5 and Gurufin launch PHMU, a 1:1 pegged stablecoin to the Philippine Peso.
- PHMU aims to streamline money transfers with low and stable transaction costs.
- DA5’s initiative reflects the growing interest in stablecoin adoption in the Philippines.
DA5 and Gurufin partner to launch PHMU, a 1:1 pegged stablecoin to the Philippine Peso. Specifically, PHMU offers stability and low transaction costs within DA5 and Gurufin’s ecosystems. DA5, a licensed crypto exchange, aims to expedite money transfers in the Philippines.
? PH Licensed Crypto Exchange DA5 and Gurufin launch PHP Stablecoin! https://t.co/RaEvIsXxjs— BitPinas (@bitpinas) September 4, 2023
Learn more about this new PHP stablecoin as well as other PHP stables currently available or announced so far.#CryptoPH #CryptoNewsPH #Blockchain #Crypto pic.twitter.com/7chdjY748K
In detail, licensed crypto exchange Direct Agent 5, Inc. (DA5) has teamed up with Gurufin to introduce the PHMU stablecoin project, pegged 1:1 to the Philippine Peso. This initiative, aimed at streamlining money transfers in the Philippines, emerged from the collaboration between DA5 and Gurufin, a Layer-1 Hybrid Mainnet integrating real-economy payment services with blockchain technology, formalized on August 9, 2023.
PHMU is part of the growing trend of stablecoins, cryptocurrencies pegged to reference assets, designed to maintain a consistent value. In this case, PHMU is backed by the Philippine Peso at a 1:1 ratio.
What sets PHMU apart is its commitment to low and stable transaction costs, avoiding the volatile gas fees seen on other major chains, thanks to its operation on its own Layer 1 chain.
DA5, a licensed Philippine Western Union Agent, holds licenses as a virtual asset service provider (VASP), electronic money issuer (EMI), and provider of electronic payment and financial services (EPFS) from the Bangko Sentral ng Pilipinas (BSP).
The stablecoin will initially be accessible via the SurgePay Community Wallet within the combined ecosystems of DA5 and Gurufin, followed by availability in DA5’s extensive network of over 1,800 branches.
Stablecoins pegged to the Philippine Peso are not yet widely adopted in the country. However, this initiative by DA5, along with previous efforts by institutions like UnionBank of the Philippines, demonstrates the growing interest in stablecoin adoption for efficient payment transactions in the Philippines.