July 05, 2025
PHPX, Philippines, and Hedera: stablecoins doing real settlement work
Here the focus is PHPX, Philippines, and Hedera, which put stablecoins to work as settlement money. It names real organizations and documents, so the claim can be checked.
The Settlement Layer
This material is about fiat-denominated value moving through the ecosystem, usually via issuance or settlement. The primary source is the Just Finance PHPX release, an announcement, with supporting material from the Hedera Stablecoin Studio page and the Ledger Insights coverage.
Why Settlement Rails Matter For Hedera
For the Hedera ecosystem, this matters because stablecoin activity can improve how useful a network is for payments and treasury operations. The broader research trail also includes the Digital Pound Foundation Philippines page.
The Settlement Screenshot

