DA5, Gurufin Peso Stablecoin Launch
Direct Agent 5, Inc. (DA5) partners and collaborates with Gurufin to launch the PHMU stablecoin. The DA5 Gurufin partnership launching of a stablecoin will be initially available in the fastest-growing community wallet, SurgePay.
According to reports, the highly anticipated launch of PHMU as a Peso stablecoin aims to expedite the money transfer process in the Philippines. It will be launched with a combined ecosystem of DA5 and Gurufin.
The money service business Direct Agent 5, Inc. (DA5) introduced the PHMU stablecoin project on August 9, 2023, in coordination with a formal partnership deals with Gurufin, a Layer-1 Hybrid Mainnet that claims to integrate real-world economy payment services with blockchain technology.
Aiming to expedite the money transfer process in the country, money service business Direct Agent 5, Inc. (DA5) introduced the PHMU stablecoin project. It was formalized during DA5’s partnership with Gurufin, a Layer-1 Hybrid Mainnet that claims to integrate real-economy payment services with blockchain technology, on August 9, 2023.
The entry of a Philippine company into the stablecoin is not new among Filipinos, as previous attempts have already been made to enter that space.
According to some experts, stablecoins are cryptocurrencies linked to a reference asset, such as a fiat currency, and the most popular among them is pegged to a US dollar like the popular USDT and USDC coins.
Based on the record, the exchange value of this crypto is intended to remain constant as it is pegged to a reference asset. According to reports of the partnership between DA5 and Gurufin, they assured their users that their project would provide consistent transaction costs, not subject to the volatile gas fees associated with other major chains, as it runs on its layer one chain.
The Philippine Peso backs the PHMU stablecoin at a 1:1 ratio. The standout feature of PHMU is its full fiat backing by the Philippine Peso and real-time verification capabilities. The two companies emphasized that this revolutionary coin transcends existing stablecoin standards by ensuring compliance with all requisite legal frameworks and licensing, paving the way for genuine scalability and broad application.
For the record, DA5 is a well-known entity in the business sectors as it is known as the Philippine Western Union Agent, and was already granted a license as a virtual asset service provider (VASP), electronic money issuer (EMI), and provider of electronic payment and financial services (EPFS) by the Bangko Sentral ng Pilipinas (BSP).
Moreover, the stablecoin is scheduled to be launched within the combined ecosystems of DA5 and Gurufin and will initially be featured in the SurgePay Community Wallet. It will be accessible across DA5’s more than 1,800 branches.
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