Coins.ph Launches First Philippine Peso Stablecoin PHPC on Ronin Blockchain
Leading Filipino crypto exchange Coins.ph has launched its Philippine Peso stablecoin, PHPC, on the Ronin blockchain.
In a Monday post on X, the exchange, which boasts an impressive user base of over 18 million, revealed it has obtained approval from the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to pilot PHPC under the BSP’s Regulatory Sandbox Framework.
PHPC is a stablecoin specifically designed to be pegged to the Philippine Peso, with each token fully backed by cash and cash equivalents held in Philippine bank accounts.
The 1:1 peg ensures users can confidently exchange their PHPC for Philippine Pesos.
The primary objective of PHPC is to enhance efficiency and reduce costs associated with various financial transactions, including remittances, peer-to-peer transfers, merchant payments, and business-to-business transactions.
By leveraging blockchain technology, PHPC aims to streamline these processes, potentially revolutionizing how financial transactions are conducted in the Philippines.
“With the Philippines being the epicenter of web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest web3 gaming chain in the world,” Wei Zhou, CEO of Coins.ph, commented.
Ronin, an Ethereum Virtual Machine (EVM) compatible blockchain, has established itself as a leader in the web3 gaming space.
PHPC is LIVE on Ronin!
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