Philippines’ PHPC stablecoin launches on Ronin blockchain
Coins.ph, a cryptocurrency exchange in the Philippines, has announced the launch of its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, the largest gaming blockchain by daily active users. This launch comes after the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, approved Coins.ph to pilot the Philippine Peso-backed stablecoin under the BSP’s Regulatory Sandbox Framework.
PHPC is pegged to the Philippine Peso and is fully backed by cash and cash equivalents held in Philippine bank accounts. This ensures that users can redeem their PHPC at a 1:1 ratio for Philippine Pesos. According to Coins.ph, the primary aim of PHPC is to enhance efficiency and reduce the costs of transactions and payments, including remittances, peer-to-peer transfers, merchant payments, and B2B transactions.
?? PHPC, the PH’s first retail stablecoin is now live and on Ronin! ??
Convert PHP for PHPC with the simple Buy/Sell feature on Coins today ????#CoinsPH #PHPC #RON @Ronin_Network pic.twitter.com/P7BRZ82roA
— Coins.ph (@coinsph) July 8, 2024
Integration with Ronin blockchain
Wei Zhou, CEO of Coins.ph, emphasised the importance of launching PHPC on Ronin due to the high adoption rate of web3 gaming in the Philippines.
“With the Philippines being the epicentre of Web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest Web3 gaming chain in the world,” Zhou stated. “Many Filipinos and Coins.ph customers use Ronin, and there are several areas Ronin and Coins are looking to collaborate on, including transfers, payments, and trading.”
Ronin, an EVM blockchain designed for developers creating games with player-owned economies, hosts popular Web3 games like Axie Infinity and Pixels, which have a substantial following among Filipino gamers.
Plans and collaborations
PHPC deposits and withdrawals are now open on Coins.ph and the Ronin Wallet. In a press release, the team said it plans to list PHPC/RON on Katana, a decentralised exchange on the Ronin blockchain.
Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis, commented on this development, saying, “The Philippines is the beating heart of Web3 gaming. We are thrilled that Coins.ph has decided to launch PHPC on Ronin. With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions.”
