TLDR
- Filipino crypto exchange Coins.ph has launched a Philippine Peso stablecoin called PHPC on the Ronin blockchain.
- PHPC is fully regulated and backed by the Philippine Central Bank.
- The stablecoin aims to facilitate in-game earnings cashouts, fund transfers, and in-store payments for web3 gamers in the Philippines.
- Coins.ph has over 18 million total accounts and 7 million monthly active users.
- PHPC will be available for trading on Katana, a decentralized exchange on the Ronin network.
Filipino cryptocurrency exchange Coins.ph has introduced its Philippine Peso stablecoin, PHPC, on the Ronin blockchain. This move could change how crypto gaming and digital payments work in the Philippines.
Coins.ph, which has over 18 million total accounts and 7 million monthly active users, has partnered with Sky Mavis, the company behind the blockchain game Axie Infinity. They aim to use the Philippines’ strong position in web3 gaming.
PHPC is designed to be worth the same as the Philippine Peso, giving users a stable digital asset. The stablecoin is regulated and backed by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
Coins.ph will test PHPC under the BSP’s Regulatory Sandbox Framework to make sure it follows local financial rules.
PHPC on Ronin creates new options for web3 gamers in the Philippines. Players can now easily cash out their in-game earnings, move funds, or use crypto for in-store payments.
This could be especially helpful for the Axie Infinity community, which grew a lot in the Philippines in late 2021.
Wei Zhou, CEO of Coins.ph, said,
“With the Philippines being the center of web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest web3 gaming chain in the world.”
Jeff Zirlin, co-founder of Sky Mavis, added,
“With this move, Ronin is growing beyond just a gaming chain and entering the world of real-world payments and merchant transactions.”
PHPC is now the second stablecoin on Ronin, joining USDC. Users can deposit and withdraw PHPC through both Coins.ph and the Ronin Wallet. There are plans to list PHPC/RON trading pairs on Katana, the decentralized exchange on Ronin.
PHPC could make things easier for gaming guilds and scholarship programs. Ronin’s announcement states,
“Managers and guild leaders from other countries will be able to send PHPC to their scholars, making it easier to transfer funds and process payouts.”
Coins.ph provides liquidity for PHPC, keeping a reserve of cash and other financial instruments to support the stablecoin’s value.
This development comes as the Philippine government is looking to regulate the crypto market. In May, the Philippine Securities and Exchange Commission said it plans to introduce rules for cryptocurrencies in the second half of 2024.
The launch of PHPC on Ronin is a big step towards using blockchain technology in everyday financial transactions in the Philippines. By providing a stable, regulated digital asset that connects crypto gaming and real-world payments, Coins.ph and Sky Mavis are leading the country’s digital finance revolution.
