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Aiming to enhance remittance flows into the Philippines using stablecoin technology, Codex, an Ethereum layer two network built for stablecoin-native payments and settlement, has announced a partnership with the locally licensed crypto exchange PDAX.
Codex Partners with PDAX for Remittances
Under the partnership, Codex will provide stablecoin swap services through Codex Avenue and settlement via Codex Chain to help make money transfers faster and more cost-efficient for overseas Filipinos sending funds home, according to a media statement.
Technically, Codex will support stablecoin liquidity and FX through Codex Avenue, with settlement handled via Codex Chain to help streamline cross-border remittances.
“The US-Philippines corridor is one of the largest cross-border payment routes in the world. Stablecoins such as USDC help people send money to their families quickly and at a lower cost.”
Haonan Li, Co-Founder and Chief Executive Officer, Codex
Li added that the company is pleased to help PDAX strengthen its stablecoin liquidity management to better serve the growing demand for efficient remittance solutions.
“Our mission has always been to empower Filipinos with better access to financial opportunities. By working with Codex, we can enhance remittance services, making it easier and more cost-effective for Filipinos to send money to their families.”
Nichel Gaba, Chief Executive Officer, PDAX
What is Codex?
Codex (https://www.codex.xyz/) claims to be specifically built for stablecoin-native use cases, such as cross-border payments, foreign exchange (FX), and institutional settlements.
It has two main components:
- Codex Chain, which handles fast, secure, and scalable transactions
- Codex Avenue, which is a stablecoin-native FX and liquidity layer designed to support cross-border flows and integrations with fiat on- and off-ramp partners
Aside from the two components that form an integrated ecosystem that bridges stablecoins with real-world financial systems, Codex also has its key features:
- Enables instant and low-cost cross-border transactions for remittances, merchants, and enterprises
- Provides reliable and compliant settlement systems for financial institutions
- Connects with local banks to support fiat-to-stablecoin conversion
- Offers tools to manage and transfer corporate liquidity across jurisdictions
Codex stated that it aims to close the gap between traditional and blockchain-based finance, advancing this goal with each new partnership, use case, and market deployment.
PDAX Through 2025
In January, PDAX partnered with Coinbase Wallet and Ethereum L2 Base to boost on-chain adoption in the Philippines by giving users access to a self-custody wallet, decentralized finance apps, and faster, low-cost transactions.
In March, PDAX listed USDG, a U.S. dollar-backed stablecoin issued by Paxos Digital Singapore, expanding its selection of tradable assets on the platform. The addition aims to offer users a stable, transparent, and fully redeemable digital dollar option for trading, payments, remittances, and DeFi transactions.
In June, PDAX partnered with payment gateway Triple-A to enable cryptocurrency top-ups for GrabPay wallets. Through the collaboration, verified Grab users can now convert crypto and stablecoins into Philippine pesos via PDAX, allowing them to fund their GrabPay accounts for rides, deliveries, and other in-app services.
Worth Reading: PDAX Celebrates 7 Years: Key Milestones, Innovations, and What’s Next for the Crypto Exchange
This article is published on BitPinas: Codex, PDAX Partner to Enable Stablecoin-Based Remittances to PH
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