- A Philippine peso-pegged stablecoin has launched on Ronin.
- The stablecoinโs 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 stablecoinโs liquidity with a reserve pool made of cash and other โtraditional financial instruments.โ
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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โOver 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. Thatโs why Coins.PH is launching PHPC on Ronin,โ 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.
โManagers 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,โ the statement read.
PHPCโs launch comes as the Philippines prepares to introduce a crypto regime. The countryโs 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.
Stay updated on when the Philippines is likely to launch a CBDC:
Philippines Eyes CBDC Launch in the Next Two Years
Read about eToroโs recent regulatory woes in the Philippines:
eToro Faces Philippines Scrutiny for Alleged Securities Sale
