Coins.ph Launches Philippine Peso (PHP) Stablecoin, PHPC, on Ronin Blockchain

Philippines-based cryptocurrency exchange Coins.ph has launched its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, a major gaming blockchain renowned for its daily active user base.

Cryptocurrency exchange Coins.ph has launched its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, a major gaming blockchain known for its large daily active user base.

This follows approval from the Bangko Sentral ng Pilipinas (BSP) for Coins.ph to pilot a Philippine Peso-backed stablecoin under the BSP’s Regulatory Sandbox Framework.

Coins.ph states that PHPC is pegged to the Philippine Peso and is fully backed by cash and cash equivalents in Philippine bank accounts. The stablecoin maintains a 1:1 redemption value with the Philippine Peso, designed to enhance transaction efficiency and reduce costs in areas like remittances, peer-to-peer transfers, merchant payments, and B2B transactions.

Wei Zhou, CEO of Coins.ph, highlighted the Philippines’ status as a hub for web3 gaming adoption, which led to the decision to introduce PHPC on Ronin, the largest web3 gaming chain globally.

With a significant number of Filipinos and Coins.ph customers using Ronin, there are opportunities for PHPC to be used in various applications, including transfer, payment, trading, and more.

Ronin, an Ethereum Virtual Machine (EVM) blockchain created by Sky Mavis for game developers to build games with player-owned economies, hosts popular Web 3.0 games like Axie Infinity and Pixels, which have millions of Filipino players.

With the opening of deposits and withdrawals for PHPC on both Coins.ph and the Ronin Wallet, future plans include listing PHPC/RON on Katana, a decentralized exchange on the Ronin blockchain.

Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis, expressed enthusiasm over Coins.ph launching PHPC on Ronin.

This move marks Ronin's expansion beyond its original focus on gaming into real-world payments and merchant transactions. The collaboration is set to provide Filipinos with a seamless crypto experience for everyday transactions.

Making PHPC available on Ronin is the first step in a broader journey to enable various use cases at scale for millions of Web 3.0 gamers in the Philippines, ranging from cashing out in-game earnings to using cryptocurrency for in-store payments, signaling a massive shift towards integrating digital currencies into daily financial activities.

Established in 2014, Coins.ph is one of the most established cryptocurrency brands in the Philippines, with over 18 million users.

The company is fully regulated by the Bangko Sentral ng Pilipinas and holds both Virtual Currency and Electronic Money Issuer licenses from the central bank, underscoring its commitment to providing secure and reliable financial services to its users.

The launch of PHPC on the Ronin blockchain is a pivotal development in the Philippine digital currency landscape.

By leveraging Ronin’s extensive user base and Coins.ph’s established market presence, this initiative is set to drive greater adoption of digital currencies for everyday use. The collaboration aims to simplify and streamline financial transactions for Filipinos, reducing costs and enhancing convenience.

As the partnership between Coins.ph and Ronin progresses, it is expected to unlock new opportunities for integrating blockchain technology into various sectors.

This includes expanding the use of digital currencies beyond gaming, thereby fostering a more inclusive and efficient financial ecosystem in the Philippines. The introduction of PHPC is anticipated to pave the way for further innovations in the digital currency space, positioning the Philippines as a leader in blockchain adoption and utilization.

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