A new partnership between PDAX, a licensed local exchange, and Toku, a global payroll platform, will enable remote workers in the Philippines to receive their pay in stablecoins.
The partnership aims to make payments faster and cheaper for both employers and employees.
Toku’s digital payroll system connects with PDAX’s regulated platform, according to a November 18 statement.
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This allows companies to send salaries in stablecoins, while workers can easily convert their earnings into pesos through PDAX. The conversion process eliminates the need for international bank transfers and the fees or delays.
Payments are sent directly to PDAX wallets or other compatible crypto addresses. Settlement happens in real time on the blockchain, and workers can withdraw their funds to nearly any local bank or e-wallet.
Popular options include GCash and GrabPay. Employers can choose to fund their payroll in pesos or in stablecoins such as USDC
PDAX offers crypto trading, tokenized asset products, and cash-out services for local users and businesses. Its partnership with Toku adds another use case for regulated crypto services in the country.
Toku provides a global payroll service that helps companies pay staff and contractors in tokens or stablecoins using their existing payroll systems. The company said it serves clients in over 100 countries.
Meanwhile, Flutterwave, a Nigerian financial technology company, is working on a new payment system that uses stablecoins. What is it? Read the full story.
