TLDR
- Filipino freelancers can now receive wages instantly in stablecoins via PDAX and Toku integration.
- PDAX allows workers to convert stablecoins into pesos without delays or high fees.
- Toku’s payroll system integrates with existing setups, reducing manual payroll tasks for employers.
- This stablecoin payroll solution eliminates the need for traditional bank transfers, reducing delays and fees.
A new collaboration between the Philippine cryptocurrency exchange PDAX and Web3 payroll provider Toku aims to improve the way remote workers in the country receive their wages. With this partnership, freelancers can now receive payments in stablecoins, such as USDC, and convert them into pesos instantly, avoiding the delays and fees typical of traditional wire transfers.
The integration of Toku’s payroll system with PDAX’s regulated cash-out services is designed to streamline payments. This system eliminates the need for international wire transfers, which can take several days and often incur additional fees. Instead, workers can access their earnings in real-time and convert the stablecoins directly into pesos through PDAX’s platform, making it easier for both employers and employees.
How the System Works for Employers and Employees
Employers can now send wages using stablecoins as part of their regular payroll processes. Toku’s platform integrates with existing payroll systems, meaning employers do not need to change their current workflow. Payments are sent directly to employees’ PDAX wallets or external addresses, allowing for quick, on-chain settlements.
Once payments are made, workers can convert their stablecoin earnings into Philippine pesos. They can cash out via a variety of channels, including major e-wallets like GCash and GrabPay, as well as traditional banks. This system is designed to be both efficient and cost-effective, as it avoids international transfer fees and offers a faster alternative to traditional banking.
Benefits for Workers and Employers in the Philippines
For remote workers, this system provides a significant advantage by reducing the typical delays associated with cross-border payments. Traditionally, international wire transfers can take several days to process and involve extra charges, meaning that workers often end up receiving less than expected. With this new stablecoin payroll system, payments are processed instantly, providing workers with greater financial flexibility.
A PDAX spokesperson noted, “This system helps freelancers and remote employees get paid on time. Therefore, they do not have to worry about delays or extra charges.” This is particularly beneficial for remote workers, who may depend on timely payments to cover personal expenses or business costs.
Employers also stand to gain from the new system. By using stablecoins, businesses can reduce their reliance on banks and streamline the payroll process. Toku’s platform also automates tasks such as payroll calculations and tax reporting, making it easier for employers to manage international payrolls.
The Growth of Crypto Adoption in the Philippines
The Philippines has emerged as one of Asia’s most active crypto adopters in recent years. Several government initiatives and partnerships have pushed the country’s interest in blockchain technology forward. In addition to the stablecoin payroll system, other projects have included blockchain-based social security payments and efforts to create a stablecoin for real-time remittances.
This growing interest in blockchain and stablecoins in the Philippines suggests that the country is positioning itself as a leader in the crypto space in Southeast Asia. The partnership between PDAX and Toku is one more example of how cryptocurrencies can be applied in everyday financial systems. If this payroll model proves successful, it could be expanded to more remote workers and businesses across the country.
The future of crypto payments in the Philippines looks promising as more businesses and workers embrace the benefits of stablecoins. With this partnership, PDAX and Toku aim to help freelancers and remote employees access their payments without the delays and fees associated with traditional banking.
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