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.
PHPC to Enhance Efficiency in Financial Transactions
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!
The stable coin of the Philippines has arrived
• 1 PHPC ≈ 1PHP⁰• Approved by the Bangko Sentral ng Pilipinas⁰• Supported by @coinsph
Full announcement
: https://t.co/wNAWuCJdsO pic.twitter.com/C4IsbreU2V
— Ronin (@Ronin_Network) July 8, 2024
It is the preferred blockchain for popular games like Axie Infinity and Pixels, which have garnered enormous followings among Filipino gamers.
By launching PHPC on Ronin, Coins.ph is tapping into this thriving ecosystem and opening up new possibilities for gamers to engage with digital currencies.
Coins.ph and Ronin Extend Partnerships
The partnership between Coins.ph and Ronin extends beyond listing PHPC on the blockchain.
Both entities are exploring collaborative opportunities in areas such as transfers, payments, and trading.
There are also plans to list the PHPC/RON pair on Katana, a decentralized exchange on the Ronin blockchain, further integrating the stablecoin into the web3 gaming ecosystem.
“The Philippines is the beating heart of Web3 gaming. We are thrilled that Coins.ph has decided to launch PHPC on Ronin,” Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis, the company behind Ronin and Axie Infinity, said.
Zirlin also noted that this move signifies Ronin’s expansion beyond gaming into real-world payments and merchant transactions.
The introduction of PHPC on Ronin comes after the Philippines central bank gave the green light for controlled trials of a national stablecoin in May.
As reported, the Philippines’ securities regulator is set to unveil a regulatory framework for crypto assets and trading by the latter half of 2024.
The upcoming cryptocurrency guidelines target regulating trading within the Philippines, prioritizing investor protection.
Earlier this year, the country’s SEC pursued removing Binance-linked applications from Apple and Google app stores in the Philippines.
“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chair Emilio Aquino said in letters to the companies.
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