Coins.ph, the Philippines' premier cryptocurrency exchange, made a groundbreaking announcement on May 7, 2024, revealing its approval from the Bangko Sentral ng Pilipinas (BSP) to introduce PHPC, a stablecoin. This development signifies a major advancement in the nation's digital asset and fintech sector, as PHPC is set to become the inaugural Philippine stablecoin accessible for retail customers, enabling them to engage in trading and utilize it for diverse transactions.

‍

‍

PHPC is a stablecoin designed to maintain a steady value, pegged at a 1:1 ratio to the Philippine Peso. It is fully backed by cash and cash equivalents held in Philippine bank accounts, ensuring stability and providing users with the ability to redeem PHPC for Philippine Peso. This makes PHPC well-suited for peer-to-peer and business-to-business transactions, offering security and reliability.

‍

Stablecoins are a specialized form of cryptocurrency that are engineered to maintain a consistent value, usually by being tied to a fiat currency like the US Dollar or a tangible asset like gold. In contrast to the fluctuating prices of other cryptocurrencies like Bitcoin or Ethereum, stablecoins offer a reliable and unwavering value, making them ideal for transactions, trading, and preserving assets.

‍

PHPC, as stated by Wei Zhou, CEO of Coins.ph, is designed to enable Filipinos to engage in seamless and secure transactions within the digital economy. Additionally, it aims to serve as a reliable store of value as individuals navigate the ever-changing digital asset landscape.

‍

"While PHPC presents a variety of potential applications in trading and payments, we anticipate remittances to be a foremost use case for Filipinos as PHPC will not only reduce costs, it also means that now Peso transactions can happen 24/7 and in real time," - Wei Zhou, CEO of Coins.ph

‍

Coins.ph is pioneering a revolution in financial transactions with the introduction of the Philippine Peso stablecoin (PHPC). This innovative digital currency is set to provide individuals and businesses with greater flexibility, lower costs, and rapid settlements. One of the most promising benefits of PHPC is its impact on remittances, as it enables people to transfer funds at any time of the day, any day of the week. This not only reduces the cost and time associated with sending money back home, but also offers more convenience for overseas Filipino workers (OFWs), ultimately putting more money in the pockets of their loved ones.