Philippine Peso Stablecoin $PUSO Launched on Celo Blockchain

The Celo Philippines DAO, in collaboration with digital assets solution platform Mento Labs, introduced $PUSO, a community-led decentralized stablecoin pegged to the Philippine Peso on the Celo blockchain.

The Celo Philippines DAO, in collaboration with digital assets solution platform Mento Labs, has officially introduced $PUSO, a community-led decentralized stablecoin pegged to the Philippine Peso on the Celo blockchain.

The launch of $PUSO aims to promote financial inclusion, reduce transaction fees, promote blockchain-based remittances, and empower local innovation in the Philippines.

According to the Celo Philippines DAO, the stablecoin is set to play a crucial role in expanding blockchain use cases and driving community engagement in the country.

The Philippine Peso-pegged stablecoin will be used to onboard new users into the Web3 and crypto space, targeting the millions of crypto-holders in the Philippines.

The東南亞 country is known for its high crypto adoption rates andRanks among the top countries in the world for cryptocurrency ownership, with an estimated 10 million crypto-holders.

However, the Philippines also has high transaction fees for centralized exchanges due to low liquidity. The average PHP-to-ETH fee at licensed local exchanges is over 1.5%.

The Celo Philippines DAO believes that a universally available PUSO stablecoin that is integrated at the Mento broker could compress these fees.

The stablecoin is also expected to contribute to the promotion of blockchain-based remittances, which are a significant part of the Philippine economy.

With $PUSO, the Celo Philippines DAO aims to provide a more efficient and cost-effective channel for overseas Filipinos to send money back home.

The stablecoin will be used to onboard new users into the Web3 and crypto space, targeting the millions of crypto-holders in the Philippines.

The Philippine Peso-pegged stablecoin will also serve as a gateway for local developers, entrepreneurs, and startups to build innovative Web3 applications and services on the Celo blockchain.

The Celo Philippines DAO is optimistic that $PUSO will set a precedent for other community-led stablecoins in the region, highlighting the potential of decentralized and community-driven initiatives in shaping the future of Web3 and crypto adoption.

As per Celo DAO PH, with $PUSO, their focus will shift to expanding the stablecoin’s use cases, driving merchant adoption, and integrating the stablecoin into local and international exchanges.

Recently, the Celo Philippines DAO was officially established following the approval of a proposal aimed at expanding blockchain education and community engagement in the country.

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