Coins.ph Launches PHPC, First Philippine Peso Stablecoin On Blockchain Ronin

Coins.ph launched the PHPC, the first Philippine Peso stablecoin on the Ronin blockchain (Photo; Doc. Pesohacks)

JAKARTA - Coins.ph, a crypto exchange platform in the Philippines, recently launched the first Philippine Peso stablecoin, PHPC, on the Ronin blockchain. In Monday's announcement on X, the company that has more than 18 million users revealed that it has obtained approval from Bangko Sentral ng Pilipinas (BSP) to test the PHPC under the BSP Sandbox Regulatory Framework.

PHPC is a stablecoin specifically designed to be pegged to the Philippine Peso, with each token fully supported by cash and cash equivalents deposited in a Philippine bank account. With this 1:1 benchmark, users can confidently exchange PHPC with the Philippine Peso.

The main goal of launching the PHPC is to increase efficiency and reduce costs related to various financial transactions, including money transfers, peer-to-peer transfers, merchant payments, and business-to-business transactions. By utilizing blockchain technology, the PHPC seeks to simplify this process and potentially revolutionizes how financial transactions are carried out in the Philippines.

Quoted from Crypto News, Wei Zhou, CEO of Coins.ph, said, "With the Philippines becoming the center of web3 gaming adoption, it is important for us to make PHPC available on Ronin, the world's largest web3 game blockchain."

Ronin, who is compatible with the Ethereum Virtual Machine (EVM), has established itself as a leader in the web3 game space. This blockchain is the main choice for popular games like Axie Infinity and Pixels, which have huge followers among Filipino gamers. By launching PHPC on Ronin, Coins.ph leverages this growing ecosystem and opens up new possibilities for gamers to interact with digital assets.

The partnership between Coins.ph and Ronin does not only stop at PHPC launches on the blockchain. These two entities are exploring collaborative opportunities in the fields of transfer, payment, and trade. There are also plans to include PHPC/RON pairs in Katana, a decentralized exchange on Ronin's blockchain, which further integrates these stablecoins into the web3 gaming ecosystem.

Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis, the company behind Ronin and Axie Infinity, said, "The Philippines is the heart of the gaming Web3. We are excited that Coins.ph decided to launch the PHPC on Ronin."

Zirlin also noted that this step signifies Ronin's expansion of the gaming to real-world payments and merchant transactions.