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Manila Bulletin devider Technews devider Coins.ph launches stablecoin pegged to the Philippine peso

Coins.ph launches stablecoin pegged to the Philippine peso

Published Jul 8, 2024 09:48 am

Coins.ph has launched a stablecoin pegged to the Philippine peso.

The ticker is PHPC.

Stablecoins are cryptocurrencies designed to have a stable price. Some of them are pegged to currency or commodities, like gold. For instance, USDT, is a stablecoin pegged to the US dollar. The value of USDT would be the same as the US dollar. 

The value of PHPC will always reflect the Philippine peso.

This follows the recent approval from the Philippine Central Bank, the Bangko Sentral ng Pilipinas (BSP), allowing Coins.ph to pilot a Philippine Peso backed stablecoin under the BSP’s Regulatory Sandbox Framework.

“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,” said Wei Zhou, CEO of Coins.ph. “Many Filipinos and Coins.ph customers use Ronin and there are a number of areas Ronin and Coins are looking to collaborate on when it comes to using PHPC for transfers, payments, trading and more.”

Ronin is an EVM blockchain crafted for developers building games with player-owned economies and is the home to popular Web3 games including Axie Infinity and Pixels, which have captivated millions of Filipino gamers.

With deposits and withdrawals for PHPC now open on both Coins.ph and the Ronin Wallet, the team is setting its sights on a future listing of PHPC/RON on Katana, a decentralized exchange (DEX) on the Ronin blockchain.

“The Philippines is the beating heart of Web3 gaming. We are thrilled that CoinsPH has decided to launch PHPC on Ronin. With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions,” said Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis. 

The partnership between Coins.ph and Ronin is anchored on a shared mission to provide Filipinos with a seamless experience when using crypto for everyday transactions. Making PHPC available on Ronin is just the beginning of this journey. Whether cashing out in-game earnings, transferring funds or even using crypto for in-store payments, PHPC on Ronin can become the vehicle that enables these use cases at scale for millions of web3 gamers in the Philippines.

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