Building wealth doesn’t have to be limited to peso-denominated opportunities. For Filipinos looking to explore products denominated in U.S. dollars or euros, accessing foreign currencies can involve additional steps and unfamiliar processes.

With PDAX FX*,  exploring these opportunities becomes more accessible. Users can convert PHP into USD* directly on the PDAX app, without needing to open a foreign currency bank account. 

PDAX FX* gives users a way to convert PHP and other assets or currencies into foreign-denominated stablecoins that may be used to access additional products on the PDAX Platform.

Currently, PDAX has one FX* asset: USD*

How does PDAX FX* work?

Each PDAX FX* asset represents a corresponding stablecoin selected by PDAX, called its Reference Asset.

This means that when you hold an FX* asset, you are not directly holding the underlying foreign fiat currency. Instead, you hold a stablecoin as the Reference Asset, giving you access to the value of the relevant foreign currency and products that may require that currency. 

For example:

PHP → USD* → eligible US dollar-denominated products

What is USD*?

USD* allows users to easily trade their fiat currencies and assets for US dollar-denominated stablecoins to access dollar-denominated products on the PDAX Platform, such as Retail Dollar Bonds issued by the Philippine government, and to participate in PDAX’s program.

How can you get USD*?

1. Convert from PHP
   • Cash in PHP through available methods, then convert your PHP to USD* through the FX* module on the PDAX app.

    

2. Make a direct USD deposit
   • When you make a direct USD deposit, the amount received by PDAX, excluding applicable bank fees and charges, is automatically converted into USD*.

    

3. Convert eligible USD-denominated stablecoins
   • During specified periods, eligible USD-denominated stablecoins may be swapped for USD* through the FX* module. Available pairs are subject to change; check the PDAX app for the latest options.

    

What is a Reference Asset?

A Reference Asset is the stablecoin represented by a corresponding FX* asset.

Each unit of an FX* asset represents one unit of a stablecoin selected by PDAX, listed on the PDAX Platform, and denominated in the same currency as the FX* asset. 

The specific Reference Asset may change over time. Users should refer to the PDAX FX* Product Disclosure for the latest information.

How is the price of PDAX FX* determined?

The price of each PDAX FX* asset is based on the prevailing market price of its Reference Asset at the time of conversion.

If you are converting from PHP, the price is based on the prevailing market rate of the Reference Asset against PHP, which generally follows the exchange rate between the relevant foreign currency and the Philippine peso. 

Before confirming any conversion, review the transaction details and applicable conversion rate shown in the app.

What can you use USD* for?

One current use case is accessing RDBs on PDAX. RDBs are Philippine government securities denominated in U.S. dollars. USD* can be used as part of the transaction flow for eligible RDB offerings on the PDAX Platform. 

Want to learn more about RDBs? Read our PDAX Learn guide to Retail Dollar Bonds.

USD* may also be used for other eligible PDAX products as these become available.

Can you withdraw USD* as US dollars?

Yes, subject to applicable requirements.

USD* may currently be converted to USD and withdrawn to an eligible U.S. dollar bank account. The conversion will use the prevailing conversion rate, and applicable bank fees and charges may apply.

Please allow one (1) business day for processing. The receiving bank may require additional time before the funds are credited to your account.

This functionality is currently available for USD* and is not yet available for EUR*. 

Is PDAX FX* the same as holding foreign currency?

No.

Holding USD* or EUR* does not mean you directly hold US dollars or euros.

You hold a corresponding stablecoin as the Reference Asset, which provides access to the value of the relevant foreign currency and eligible products on PDAX.

This distinction is important because the value of an FX* asset or its Reference Asset may fluctuate and is not guaranteed to maintain a strict 1:1 exchange ratio with the corresponding fiat currency. The FX* Product Disclosure outlines these risks in more detail.

What should you keep in mind before using PDAX FX*?

Conversion rates can change, and eligible assets, methods, and product availability may also vary.

Before completing a transaction:

• Check available FX* pairs in the PDAX app
• Review the applicable conversion rate
• Confirm any transaction limits or fees
• Read the latest PDAX FX* Product Disclosure
• Review the relevant product terms before proceeding

Explore PDAX FX*

PDAX FX* gives users another way to access foreign-denominated value and eligible products directly through PDAX.

Open the PDAX app to see the FX* assets and conversion options currently available.

PDAX FX* products and supported conversion methods are subject to availability and applicable terms and conditions. Please refer to the PDAX FX* Product Disclosure page for full details.

The contents herein are provided for general informational purposes only and should not be considered as definitive legal, business or tax advice. Trading with any financial product or digital asset (including cryptocurrency) is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.

Prospective purchasers or sellers of financial products should consult their own counsel, accountants or other advisors as to legal, tax, business, financial and related aspects of the purchase of such financial product, among others. PHILIPPINE DIGITAL ASSET EXCHANGE (PDAX), INC. does not guarantee the performance, and the technical and financial integrity, of the digital assets and their ecosystems, and, to the extent allowed by law, shall not be responsible for any loss sustained by the customer.

For inquiries or concerns, please contact us through the following channels: Webchat: https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name.

PHILIPPINE DIGITAL ASSET EXCHANGE  (PDAX), INC. is supervised by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: Email: consumeraffairs@bsp.gov.ph; Webchat: https://www.bsp.gov.ph (click webchat feature); Facebook:https://www.facebook.com/BangkoSentralngPilipinas; Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584; or SMS: 21582277 (for Globe subscribers only). For further details, you may refer to BSP’s Inclusive Finance – Consumer Protection.