TLDR
- Coins.ph has launched PHPC, a Philippine Peso-backed stablecoin, on the Ronin blockchain.
- PHPC is approved by the Philippine Central Bank and is fully backed by cash and cash equivalents.
- The stablecoin aims to enhance efficiency and reduce costs for various transactions and payments.
- Ronin is the world’s largest gaming blockchain by daily active users.
- The partnership between Coins.ph and Ronin focuses on providing Filipinos with seamless crypto experiences for everyday transactions.
Coins.ph, the 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 integrating digital currencies with the booming web3 gaming industry in the Philippines.
Coins.ph, boasting over 18 million users, has received approval from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, to pilot 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 the cryptocurrency and traditional financial worlds.
The primary goal of PHPC is to enhance the efficiency and reduce the 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 how financial transactions are conducted in the Philippines.
Wei Zhou, CEO of Coins.ph, emphasized the strategic importance of launching PHPC on Ronin:
“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.”
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 space.
It’s the blockchain of choice for popular games like Axie Infinity and Pixels, which have gained massive followings among Filipino gamers. By launching 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 just listing PHPC on the blockchain. Both entities are exploring collaborative opportunities 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 at Sky Mavis, the company behind Ronin and Axie Infinity, expressed enthusiasm 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 signifies Ronin’s expansion beyond gaming into real-world payments and merchant transactions.
The introduction of PHPC on Ronin opens up a range of possibilities for Filipino web3 gamers. It could simplify processes such as cashing out in-game earnings, transferring funds, or even using crypto for in-store payments. This integration has the potential to make these use cases scalable for millions of web3 gamers in the Philippines.
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