Philippine-based Direct Agent 5 (DA5), which operates one of the country’s largest remittance networks, will partner with Broxus to launch a stablecoin transaction service. The integration will run on the Everscale blockchain. This was reported to ForkLog by project representatives.

DA5 will use a stablecoin pegged to the Philippine peso. Transactions can be performed using QR codes. In addition, the project partners plan to open a cryptomat network with the ability to exchange stablecoins for the national currency of the Philippines. Everscash Bank, part of the Everscale DeFi Alliance, will be responsible for the operation of the machines.

“The partnership between DA5 and Everscale will change the way people transfer money in the Philippines. Through the use of blockchain, we will finally be able to offer Filipinos a more secure way to send money at a fraction of the cost that local banks and traditional financial services charge for a similar service. DA5 CEO “We are proud to be the first company to offer a crypto ATM network across the country – these will be deployed at more than 2,500 points of our network by the end of the year,” said Raymond Babst.

Sergey Shashev, the founder of Broxus, stated that currently 11 countries rely on Everscale to issue CBDCs.

In June 2022, popular cryptocurrency exchanges in Asia, KuCoin and Huobi listed the native Everscale coin.

Also in the spring of 2021, the Chinese blockchain platform Blockchain Services Network (BSN), backed by the country authorities, added Everscale support.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.