UnionBank issues digital bonds for the first time in the Philippines

The largest Philippine bank, UnionBank, uses a blockchain system to produce $18 million worth of valuable assets. It uses blockchain to deposit fiat funds.

The Bank implemented the launch of a general offer in the state currency. On the trading floor, its minimum value was one billion Philippine pesos, which is equal to 18 million US dollars. The first general publication was held on 24 May. The full listing will take place on June 20, after registration on the Philippine fixed income trading platform PDEx.

The securities are expected to have a maturity period of six months, and holders will be able to purchase coupons with a yield of 3.5 percent per year. The bank was the first of all to use a registry for digital assets and a digital deposit.

The site uses the blockchain system to implement procedures. At the moment, the organization controls resources in the amount of more than 15 billion US dollars. Bank employees have repeatedly said that users are enthusiastic about the integration of digital resources, but depositors and controllers are waiting for more information about the innovation.

At the beginning of this year, the bank said that it was considering providing an opportunity for storage and trading with crypto-currency assets. If the situation becomes stable, then within five years, volumes may increase by three or five percent.