Odaily News The Philippine government is about to launch the next phase of its government bond tokenization process, with plans to issue long-term tokenized Treasury bills (GBonds) for consumers in December. Last year, the government tokenized bonds, focusing on institutional investors. The government then issued 90-day Treasury bills to retail investors. Its main issuance mechanism will be through GCash and PDAX. GCash is a wallet app that is used by 94 million people and was recently valued at $5 billion; Alipay owner Ant Financial owns about a third of GCash parent Mynt, and Mitsubishi UFJ Financial Group owns 8%. PDAX, a cryptocurrency exchange with about 4 million users, has begun issuing Treasury bills with a minimum investment of 500 pesos ($8.52).