Philippine Peso Stablecoin PHPC Debuts on Ronin Network

Ronin welcomes the first Philippines peso-pegged stablecoin on its network.

Philippino girl flying on a Ronin coin over some tropical islands.
Created by Gabor Kovacs from DailyCoin
  • A Philippine peso-pegged stablecoin has launched on Ronin.
  • The stablecoin’s issuer will facilitate its liquidity in various ways.
  • Users can leverage the stablecoin for a range of utilities.

Gaming-centric sidechain Ronin announced Monday the launch of the first Philippine peso-pegged stablecoin on its network.

Dubbed PHPC, the stablecoin was created by Filipino crypto exchange Coins.PH and is based on the ERC-20 token standard. Coins.PH said it would facilitate the stablecoin’s liquidity with a reserve pool made of cash and other “traditional financial instruments.”

Uses of PHPC Stablecoin

According to the official press release, PHPC aims to enable fast and low-cost transactions with on-chain pesos.

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“Over 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. That’s why Coins.PH is launching PHPC on Ronin,” Ronin said.

In addition to facilitating general P2P transfers and business payments, PHPC will enable local Axie Infinity players to use their in-game earnings and funds to buy goods and services within the country.

“Managers and guild leaders from other countries will also be able to send PHPC to their scholars, making it easier to transfer funds and processing payouts,” the statement read.

PHPC’s launch comes as the Philippines prepares to introduce a crypto regime. The country’s Securities and Exchange Commission said in May that it would be ready by the second half of this year.

Meanwhile, the SEC has mandated that crypto exchanges obtain the necessary licenses and registrations under the Securities Regulation Code (SRC) before setting up in the country.

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Stay updated on when the Philippines is likely to launch a CBDC:
Philippines Eyes CBDC Launch in the Next Two Years

Read about eToro’s recent regulatory woes in the Philippines:
eToro Faces Philippines Scrutiny for Alleged Securities Sale

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.