Coins.ph Launches PHPC, the First Stablecoin Linked to the Philippine Peso (PHP), on the Ronin Blockchain

This ERC-20 token is designed to maintain a stable 1:1 parity with PHP, backed by a reserve that includes cash and other traditional financial instruments

Coins.ph has announced the launch of PHPC, the first stablecoin pegged to the Philippine Peso (PHP) on the Ronin blockchain. Approved by the Bangko Sentral ng Pilipinas (BSP), this ERC-20 token will maintain a stable 1:1 parity with PHP, backed by a reserve that includes cash and other traditional financial instruments.

The launch of PHPC aims to enhance efficiency and reduce costs associated with various financial transactions in the Philippines. These transactions include remittances, peer-to-peer transfers, merchant payments, and commercial activities. It offers a fast and affordable alternative to the traditional banking systems in the country, which are often slow and expensive.

This initiative will directly benefit the Philippines, which is a hub for adopting Web3 games like Axie Infinity. Players can now use their in-game earnings to quickly and securely purchase goods and services using PHPC on Ronin. This integration will strengthen the online community in the country and expand the use of cryptocurrencies in everyday applications.

Highlighting the significance of PHPC's development and promotion on Ronin, Wei Zhou, CEO of Coins.ph, stated that Ronin is the leading blockchain for Web3 games worldwide. The collaboration opens new avenues for platform users and cements the Philippines' position as a forerunner in technological and financial innovation within the region.

The introduction of PHPC follows BSP's authorization for Coins.ph to pilot a stablecoin under its Regulatory Sandbox framework. This launch marks the successful completion of the pilot, ensuring compliance with local regulations and setting a precedent for future innovations and developments related to the crypto market within the country's economic system.

Moreover, there are plans to enable the trading of PHPC on Ronin's Katana platform in the future. The adoption and utility of the stablecoin are expected to continue expanding, offering Filipinos a more accessible and efficient way to manage their digital assets in a secure and regulated environment.

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