PHT Stablecoin

Pegged to the Philippine peso rather than the dollar, PHT is an attempt to bring a local-currency stablecoin to a large remittance market. Its issuer, the Singapore-based fintech APACX, adapts MakerDAO's collateralized-debt design: each PHT is minted by locking crypto collateral such as USDC or USDT at a ratio above 100 percent, with issuance and liquidation run by smart contracts rather than a licensed bank. That makes it an onchain collateral claim redeemed through the protocol, not a peso sitting in a regulated deposit account, and the company claims no central-bank or securities stablecoin license. PHT lives on Ethereum, Tron and Polygon, and APACX has pushed it toward real-world use by wiring it into a network of offline cash-in and cash-out agents across the region. It remains an emerging-market experiment, small in float but aimed squarely at everyday peso payments.