PHPX is designed to transform cross-border remittances, which is an essential economic component in the Philippines as $40 billion was sent by overseas workers in 2024 alone. UnionBank's fintech arm, UBX, previously operated PHX, a quasi-stablecoin for closed-loop payments. UBX CEO John Januszczak believes it is important to create a publicly exchangeable token to support broader use cases beyond just domestic transactions. The PHPX stablecoin will hopefully streamline cross-border transfers by enabling real-time payments and offering solutions like paying tuition fees directly from abroad.