The Philippine Digital Asset Exchange (PDAX) announced Project Bayani as a tokenization initiative targeting up to $60 billion in assets by 2030, including $26 billion in equities, $24 billion in government bonds and $6 billion in mutual funds. The model banks on mass adoption of blockchain mobile wallets and strategic agreements with Saison Capital and Onigiri Capital to distribute regulated issuances directly to users and widen access to digital instruments.
Modular architecture and interoperability with mobile wallets
Project Bayani defines a layered stack built on BayaniChain Digital Public Assets (DPA) as the base layer, Lumen as a Blockchain-as-a-Service platform and Integrity Chain with Prismo for encrypted data processing, complemented by Polygon for scalability. The configuration aims to improve block propagation, reduce execution bottlenecks and delegate settlement and custody to specialized modules.
The design is intended to interoperate with widely used Philippine wallets such as GCash and PDAX, helping streamline token custody and distribution at scale. In technical terms, the architecture separates consensus and execution layers, adopting a modular structure to reduce inter-node latency and allow diverse validator implementations.
Quotes from project leaders stress the retail focus: PDAX CEO Nichel Gaba stated that ‘the infrastructure to deliver tokenized assets to millions of Filipinos already exists in their pockets,’ while Qin En Looi of Onigiri Capital and Saison Capital described tokenization as ‘a natural step’ in savings and investment behavior.
Regulators such as BSP and the SEC have introduced frameworks including VASP, CASP and sandboxes to support tokenized issuances, though risks persist around smart contract vulnerabilities, private-key management and fragmented technical standards that may hinder interoperability across borders.
Adoption hurdles include startup and compliance costs, institutional caution among banks and funds and challenges in accurate valuation and secondary-market depth. Liquidity will rely on market-making mechanisms and governance structures that are still forming.
For node operators and DevOps teams, client diversity, sync testing and bandwidth allocation policies will be critical, alongside measures to mitigate congestion in execution environments.
Project Bayani outlines a distribution-first strategy driven by mobile wallet penetration, yet reaching the projected $60 billion market hinges on architecture resilience, contract security and regulatory alignment. The route to scale is both technical and institutional.