Hong Kong-based payments transfer firm Bitspark is soon launching a cryptocurrency pegged to the Philippine Peso (PHP).

Bitspark will soon release its PHP pegged cryptocurrency called “peg.PHP”. It is revealed that Australian-founded technology startup Okra Solar will have the first chance to test out the peg.PHP.

Okra Solar, which is based in Cambodia, majors in creating solutions using solar energy harness for remote regions. The firm is reportedly to provide peg.PHP via the Bitspark payment network in Philippines. Peg.PHP claims to be the first stablecoin that supports bill payments. It is also possible for customers to pay their bills as cash deposit. Okra also provides its customers with the option to pay their bill via the Bitspark App.

The trial’s aims are to lessen the cost of payments transferring and reduce the Okra cash collection agents from the mainland.

George HARRAP, co-founder and CEO of Bitspark, explained that the launch of their new stablecoin could make the money transfer ecosystem better. He also noted that “There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets”.

The Crypto Sight reported during March, IBM also signed letters of intent with six global banks to issue their own stablecoin backed by their national fiat currencies. In February, Bitspark also created its first Hong Kong Dollar HKD-Pegged stablecoin known as Sparkdex.HKD.