Philippines’ First Blockchain Digital Peso Bond Offering Raises $209M

UnionBank intends to use the funds to partially finance the acquisition of the domestic consumer banking business of global banking giant Citi

article-image

Unionbank tower in Manila, Philppines; Source: Shutterstock

share
  • UnionBank has issued the country’s first blockchain-based digital peso bonds in a raise that generated $209 million
  • The oversubscribed raise came in 11 times the size the bank had anticipated when it signalled its intention to raise at least 1 billion in digital peso bonds

The UnionBank of the Philippines has raised P11 billion (US$209 million) after investors rallied behind the country’s first-ever blockchain-based peso bonds.

UnionBank’s digital bonds were issued through the digital registry and digital depository of the Philippine Depository & Trust Corp., local media reported Thursday. The bonds were kept interoperable with the Philippine Dealing & Exchange Corp fixed income market.

Singapore-based fintech company STACS was tapped to provide the blockchain-based digital securities trading infrastructure necessary to facilitate the offering. Meanwhile, HSBC and Standard Chartered were joint lead arrangers and book runners for the transaction.

The oversubscribed raise came in 11 times greater than the bank had anticipated when it signalled its intention to raise at least 1 billion pesos in its digital peso bond offering in May.

The publicly listed bank intends to use the funds to partially finance the acquisition of the domestic consumer banking business of global banking giant Citi. Late last year, UnionBank moved to acquire Citi’s consumer banking business for P55 billion (US$1 billion).

UnionBank treasurer and head of global markets Jose Emmanuel Hilado said the issuance represented a “building block” in the bank’s journey to embrace digitization and industry disruption, according to the reports.

In January, tech giant IBM and Swiss crypto custodian Metaco were selected by the bank to safeguard digital assets on its balance sheet. The crypto-friendly bank also joined a consortium of other domestic banks to use Visa’s blockchain-based payment platform back in February 2018.

The bonds contain a 1.5 year tenor with a fixed rate of 3.25% per annum and are listed for trading on the Philippine Dealing & Exchange Corp marketplace.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /
article-image

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

The collaboration brings regulated money market fund exposure to Polygon, with custody provided by Standard Chartered

by Blockworks /
article-image

FG Nexus teams with Securitize to bring its Nasdaq-listed equity onchain, offering tokenized stock trading through Ethereum

by Blockworks /
article-image

Sponsored

Taiko launches binding onchain governance and appoints three directors with expertise in global regulation, business strategy and blockchain tech

by Sponsored /