Financial technology platform Philippine Digital Asset Exchange (PDAX) will open retail subscriptions for the Bureau of the Treasury’s Retail Dollar Bonds (RDB) Tranche 3 on Nov. 19, 2026, allowing verified users to invest starting at $200.
The primary offering on PDAX will run from Nov. 19 to 24, 2026, subject to early closure or adjustments by the Bureau of the Treasury. The government-backed, U.S. dollar-denominated debt securities pay quarterly interest and return principal in U.S. dollars upon maturity.
Verified PDAX users can subscribe without opening a separate U.S. dollar bank account or visiting a physical bank branch. The platform charges no fees during the primary offering, and the Philippine government shoulders the withholding tax on interest payouts. Investments start at $200 in $100 increments, while subscriptions funded via direct U.S. dollar bank transfers require a $1,000 minimum.
Subscription Mechanics and Funding
Because the bonds are denominated in U.S. dollars, transactions on the platform execute through an RDB3/USD* trading pair. Each unit of USD* represents one unit of a PDAX-selected, USD-denominated stablecoin used exclusively within the platform rather than fiat currency.
Users can fund their USD* balances through three methods:
- Philippine Pesos: Users cash in pesos and convert them into USD* under the application’s FX* tab at the prevailing stablecoin conversion rate.
- USD-Denominated Stablecoins: Users convert eligible stablecoins into USD* via the FX tab during designated conversion periods.
- Direct U.S. Dollar Deposits: Users transfer U.S. dollars directly into their PDAX accounts, which automatically convert the funds into USD* at the prevailing rate.
To place an order, verified users select the RDB3/USD* pair under the Bonds section, enter an investment amount of at least 200 USD* and confirm the transaction.
Custody, Payouts and Secondary Trading
“Filipinos should not need substantial wealth or a private banker to access dollar investments. With as little as $200, they can now invest in Philippine government dollar bonds directly through the PDAX App, diversify their savings, and earn regular dollar income,” Nichel Gaba, founder and CEO of PDAX, said in a statement.
PDAX Securities Inc., formerly bonds.ph Inc., executes all broker-dealer operations. The subsidiary is registered with the Securities and Exchange Commission, licensed as a Government Securities Eligible Dealer and holds membership with the Philippine Dealing and Exchange Corp.
Once the Bureau of the Treasury finalizes allocations on the issue date, the bonds appear as RDB 3 tokens in the user’s portfolio and are recorded under the investor’s personal National Registry of Scripless Securities account.
Quarterly interest payments and the principal at maturity are paid in U.S. dollars to PDAX Securities, which transfers the proceeds to PDAX for conversion and crediting in USD*. Bondholders can convert USD* back to Philippine pesos for local withdrawal or transfer funds to a U.S. dollar bank account. Secondary market trading will open on the platform after the issuance date, subject to market conditions.
Background on Government Bond Offerings
The Bureau of the Treasury has not yet announced the final coupon rate for RDB 3. Its previous dollar bond issuance, RDB 2, was offered in 2023 with annual interest rates of up to 5.75%.
PDAX operates as a Bangko Sentral ng Pilipinas-supervised Virtual Asset Service Provider. The platform previously introduced blockchain-tokenized peso Treasury bills and Retail Treasury Bonds in November 2023 and opened primary subscriptions for the government’s peso-denominated Retail Treasury Bond Tranche 32 from Sept. 29 to Oct. 7, 2026.
This article is published on BitPinas: PDAX Offers Bureau of the Treasury Retail Dollar Bonds Starting at $200
What else is happening in Crypto Philippines and beyond:
