Coins.ph Launches PHPC Stablecoin on Ronin Blockchain, Revolutionizing Transactions and Payments in the Philippines
Coins.ph, the leading cryptocurrency exchange in the Philippines, has made a significant move by launching its Philippine Peso stablecoin, PHPC, on the Ronin blockchain. This development, approved by the Philippine Central Bank, aims to revolutionize financial transactions by providing a stable bridge between digital currencies and traditional financial systems.
With over 18 million users, Coins.ph has received regulatory approval to pilot PHPC under the BSP’s Regulatory Sandbox Framework. This move highlights the growing acceptance of cryptocurrency innovations within the country’s financial sector. PHPC is fully backed by cash and cash equivalents, ensuring a 1:1 peg to the Philippine Peso.
The primary goal of PHPC is to enhance efficiency and reduce costs for various transactions, including remittances, peer-to-peer transfers, and merchant payments. By leveraging blockchain technology, PHPC aims to streamline these processes and potentially transform how financial transactions are conducted in the Philippines.
The partnership between Coins.ph and Ronin, the world’s largest gaming blockchain, is strategic, given the significant overlap between cryptocurrency users and web3 gamers in the Philippines. By launching PHPC on Ronin, Coins.ph is tapping into the thriving web3 gaming ecosystem and opening up new possibilities for gamers to interact with digital currencies.
The collaboration between Coins.ph and Ronin goes beyond listing PHPC on the blockchain. Both entities are exploring opportunities in transfers, payments, and trading. Plans are also in place to list PHPC/RON on Katana, a decentralized exchange on the Ronin blockchain, further integrating the stablecoin into the web3 gaming ecosystem.
Overall, the introduction of PHPC on Ronin has the potential to simplify processes for Filipino web3 gamers, such as cashing out in-game earnings, transferring funds, and using crypto for in-store payments. This integration could make these use cases scalable for millions of web3 gamers in the Philippines, marking a significant step towards mainstream adoption of digital currencies in everyday transactions.
