Stablecoins-based remittance and payments service to be launched in the Philippines

The Philippines-based Direct Agent 5 (DA5), which operates one of the country’s largest networks of money-transfer points, together with Broxus, will launch a service for transactions using stablecoins. The integration will run on the Everscale blockchain, ForkLog learned from project representatives.

DA5 will issue a stablecoin pegged to the Philippine peso. Tokens can be transferred using QR codes. In addition, the project’s partners plan to open a network of crypto ATMs capable of exchanging stablecoins for the Philippine peso. The operation will be carried out by Everscash Bank, which is part of the Everscale DeFi Alliance.

“The partnership between DA5 and Everscale will change the approach to remittances in the Philippines. By leveraging blockchain we will finally offer Filipinos a safer way to send money at a fraction of the cost charged by local banks and traditional financial services for similar services. We are also proud to be the first company to roll out a nationwide network of ATMs — they will be deployed in more than 2,500 locations across our network by the end of the year,” said DA5 chief executive Raymond Babst.

Broxus founder Sergey Shashev noted that Everscale is currently being considered in 11 countries as a basis for issuing CBDC.

In June 2022, popular Asian cryptocurrency exchanges KuCoin and Huobi carried out a listing of the native Everscale token.

In spring 2021, the Chinese blockchain platform BSN, added support for Everscale, supported by authorities.

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