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Coins.ph Launches Philippine Peso Stablecoin PHPC on Ronin Blockchain
Summary
- Coins.ph has launched PHPC, a Philippine peso-backed stablecoin, on the Ronin blockchain.
- PHPC is approved by the Central Bank of the Philippines and is fully collateralized by cash and cash equivalents.
- The stablecoin aims to increase efficiency and reduce costs for various transactions and payments.
- Ronin is the world’s largest gaming blockchain by number of daily active users.
- The partnership between Coins.ph and Ronin focuses on providing Filipinos with seamless crypto experiences for everyday transactions.
Coins.phThe Philippines’ leading cryptocurrency exchange, has launched its Philippine peso (PHP) stablecoin, PHPC, on the Ronin blockchain.
Announced on July 8, 2024, this development marks a major step in the integration of digital currencies with the burgeoning web3 gaming sector in the Philippines.
Coins.ph, which boasts over 18 million users, has received approval from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, to test PHPC under the BSP’s Regulatory Sandbox Framework. This regulatory green light underscores the growing acceptance of cryptocurrency innovations within traditional financial systems.
PHPC is designed as a stablecoin pegged to the Philippine peso, with each token fully backed by cash and cash equivalents held in Philippine bank accounts. This 1:1 peg ensures that users can reliably exchange their PHPC for Philippine pesos, providing a stable bridge between cryptocurrency and the traditional financial world.
PHPC’s primary goal is to improve efficiency and reduce costs associated with various financial transactions. These include remittances, peer-to-peer transfers, merchant payments, and business-to-business transactions. By leveraging blockchain technology, PHPC aims to streamline these processes, potentially revolutionizing the way financial transactions are conducted in the Philippines.
Wei Zhou, CEO of Coins.ph, emphasized the strategic importance of launching PHPC on Ronin:
“As the Philippines is 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.”
This move recognizes the significant overlap between cryptocurrency users and web3 gamers in the Philippines.
Ronin, an EVM (Ethereum Virtual Machine) compatible blockchain, has established itself as a leader in the web3 gaming industry.
It is the blockchain of choice for popular games like Axie Infinite and Pixels, which have gained a huge following among Filipino gamers. With the launch of PHPC on Ronin, Coins.ph is tapping into this thriving ecosystem and opening up new possibilities for gamers to interact with digital currencies.
The partnership between Coins.ph and Ronin goes beyond simply listing PHPC on the blockchain. Both entities are exploring opportunities for collaboration in areas such as transfers, payments, and trading. There are also plans to list PHPC/RON on Katana, a decentralized exchange on the Ronin blockchain, further integrating the stablecoin into the web3 gaming ecosystem.
Jeff Zirlin, co-founder and chief growth officer of Sky Mavis, the company behind Ronin and Axie Infinity, expressed excitement about the launch:
“The Philippines is the beating heart of Web3 gaming. We are thrilled that CoinsPH has decided to launch PHPC on Ronin.”
Zirlin also noted that this move marks Ronin’s expansion beyond gaming into real-world payments and business transactions.
The introduction of PHPC on Ronin opens up a range of possibilities for Filipino web3 gamers. It could streamline processes like cashing out in-game earnings, transferring funds, or even using cryptocurrencies for in-store payments. This integration has the potential to make these use cases scalable for millions of web3 gamers in the Philippines.