TL;DR
- Coins.ph has launched PHPC, the first stablecoin linked to the Philippine Peso (PHP). On the Ronin blockchain, designed with a 1:1 parity.
- The aim of launching PHPC is to improve efficiency and reduce costs in financial transactions in the Philippines. Including remittances, peer-to-peer payments, and commercial transactions, offering an innovative alternative to traditional banking systems.
- The integration of PHPC on Ronin benefits the Web3 gaming community in the Philippines. Allowing players to use their earnings in Axie Infinity and other games.
Coins.ph has launched 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, under the regulation of the Bangko Sentral ng Pilipinas (BSP).
The launch of PHPC aims to improve efficiency and reduce costs associated with various financial transactions in the Philippines, including remittances, peer-to-peer transfers, merchant payments, and commercial transactions. It offers an innovative alternative to the slow and expensive traditional banking systems in the country.
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
The Philippines, known as a hub for adoption of Web3 games like Axie Infinity, will directly benefit from this initiative. Players can now use their in-game earnings to quickly and securely purchase goods and services using PHPC on Ronin. The integration will strengthen the online community in the country and help expand the use of cryptocurrencies in everyday applications.
A Boost to Ronin Popularity in the Philippines
Wei Zhou, CEO of Coins.ph, emphasized the importance of developing and promoting PHPC on Ronin. The leading blockchain for Web3 games globally. The collaboration opens new possibilities for platform users and reinforces the Philippines’ role as a leader in technological and financial innovation in the region.
The introduction of PHPC comes after BSP authorized Coins.ph to pilot a similar stablecoin under its Regulatory Sandbox framework. Compliance with local regulations has been achieved. Setting a precedent for future innovations and developments related to the crypto market within the country’s economic system.
Additionally, there are plans to enable the exchange 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 option to manage their digital assets in a secure and regulated environment.
