Coins.ph, a leading cryptocurrency exchange, said it achieved a major milestone by securing an approval from the Bangko Sentral ng Pilipinas (BSP) to issue PHPC—the first Philippine Peso stablecoin available for retail use.
Unlike other cryptocurrencies, PHPC maintains a 1:1 peg to the peso and is fully backed by cash equivalents in local banks. This ensures stability and allows users to redeem PHPC for Philippine pesos at full value.
“PHPC will empower Filipinos to transact seamlessly and securely in the digital economy, while also providing a stable store of value as they participate in the rapidly evolving digital asset landscape,” said Coins.ph chief executive Wei Zhou at the launch Wednesday.
PHPC provides convenience, cost-efficiency and speed in a variety of financial activities including remittance, trading, and payments, making ideal for peer-to-peer and B2B transactions
The benefits of PHPC for remittances are particularly promising as it allows people to transfer funds at any time of the day, any day of the week.
This reduces the cost and time associated with sending funds back home, thus making it more convenient for OFWs, and ultimately putting more money in the pockets of their loved ones.
“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,” said Zhou.
Stablecoins are a type of cryptocurrency designed to have a stable value, typically pegged to a fiat currency like the US Dollar, or to a commodity like gold.
Unlike other cryptocurrencies such as Bitcoin or Ethereum, which can have highly volatile prices, stablecoins maintain a steady value, making them more suitable for transactions, trading and storing value.