Markets / Philippines

This is the Philippines.

Where the money comes home to work.

Etherfuse is bringing PHTRY onchain, a tokenized claim on Philippine treasury bills, so money arriving in one of the world's largest remittance corridors can earn yield at home.

Join the waitlist →View the instruments

Gabriela Silang

PHTRYPre-launch

Token yield

At launch

PHP denominated · Treasury bills

PHLePre-launch

Redemption

1 : 1

PHP token · Backed by PHTRY

Token yield

At launch

Token yield published at launch

Sovereign rating

Baa2 / BBB+ / BBB

Republic of the Philippines · Moody's / S&P / Fitch

Chains

At launch

Chains confirmed at launch

USD ↔ PHP

Problem: Money arrives.
Then it waits.

The Philippines receives more money from abroad than almost any country on earth. It arrives in Philippine pesos and it sits in Philippine pesos. Until now, nothing onchain has rewarded holding it.

Inbound each year

$39.6B

Received from abroad each year.

Global rank

4th

Behind India, Mexico and China.

Sovereign rating

BBB+

Investment grade, Republic of the Philippines.

Remittance figures per the Bangko Sentral ng Pilipinas, full-year 2025, and World Bank remittance data. Sovereign rating per S&P.

One cross border payments company alone clears more than a hundred million dollars a month through this corridor, and reports a persistent shortage of pesos on the other side. That shortage is not a gap in their operation. It is what happens when a corridor this large has no local asset behind it.

Settlement that earns

Balances waiting to be converted hold local peso yield instead of sitting flat between transactions.

Local currency, onchain

A peso denominated instrument means no dollar mismatch on a corridor that is peso denominated end to end.

Depth on the peso side

An asset that pays gives market makers a reason to hold pesos rather than pass them straight through.

Talk to the team →Read the docs

The fourth largest remittance destination in the world, about to get a sovereign peso instrument onchain.

The instruments

Philippine treasury bills, tokenized.

The instrument the local market already trusts, opened up.

PHTRYPre-launch

PHTRY: Philippine treasury bills, tokenized

Sovereign debt, tokenized. Income accrues into the token's value. No coupon, no maturity date for you.

Ninety day paper issued by the Republic of the Philippines through the Bureau of the Treasury, held in regulated custody and represented onchain at net asset value.

Backed by

Held in regulated custody. Reserves attested monthly by a third-party firm and published from launch.

Liquidity

No lock-up. Redemption is instant within the liquidity float and T+1 beyond, during market hours.

Access

No minimum and no institutional ticket. Buy any amount from the app.

Token APY is PHP-denominated and differs from the reference rate. NAV may rise or fall.

At launch

Token yield published at launch

Market reference

5.21% p.a.
90D-BILL3B-26 · auction 14 Sep 2026

Join the waitlist →Read the structure

Read first

PHTRY is a claim on Philippine treasury bills. It earns what those bills earn, and its value moves with them. It is not a Philippine peso stablecoin and it does not hold a fixed value of one peso. Read the structure before the rate.

PHLePre-launchPrincipal token

A peso token, held one to one, backed by treasury bills rather than by bank deposits.

A Philippine peso token issued by Etherfuse. Each unit is backed by treasury bills held in a vault and redeems one to one against the peso. The bills behind it accrue, and that accrual stays with the vault rather than passing to the holder.

Backing

Treasury bills held in a vault

Currency

PHP

1 : 1

Redeems against the peso

Talk to the team →

Who this is for

What people will use this for.

Savers

Hold the government's own paper onchain, where it can move and settle the same day instead of sitting locked in an account.

Join the waitlist →

Remittance and payment platforms

Settle in pesos onchain with sovereign collateral sitting behind the balance, instead of passing the currency straight through.

Talk to the team →

Lenders

Disburse in a peso instrument that earns, and put that yield to work funding the repayment incentives you already run.

Talk to the team →

Builders

A Philippine peso yield asset to build products around.

Read the docs →

Challenging markets are the product.

Anyone can tokenize a US Treasury. We issue where the regulation is dense, the currency is local, and the counterparty has to be a real domestic institution. The Philippines is the same argument as every other market we operate in.

Mexico, Brazil, Kazakhstan, Europe, the United Kingdom, the United States.

See all markets →Talk to the team

Local institutions

We work with domestic managers under domestic supervision, not offshore wrappers.

Local paper, local currency

The instrument is denominated in the currency the market actually earns and spends in.

More than one market

The same structure, issued market by market, wherever local paper is worth holding.