MANILA, Philippines — Coins.ph, a leading digital asset exchange in the Philippines, has received approval from the Bangko Sentral ng Pilipinas (BSP) to introduce the country’s first Philippine peso-backed stable coin, PHPC. This new cryptocurrency aims to offer a stable and efficient option for cross-border remittances.
What is PHPC?
PHPC is a stablecoin whose value is tied directly to the Philippine peso. Each unit of PHPC is equivalent to one Philippine peso (P1), ensuring its value remains steady. Stablecoins are designed to minimize price volatility, making them ideal for trading and storing value.
Benefits of PHPC
Wei Zhou, CEO of Coins.ph, highlighted the benefits of this stablecoin. “PHPC will empower Filipinos to transact seamlessly and securely in the digital economy while also providing a stable store of value,” he said. PHPC’s steady value makes it a practical option for both trading and everyday transactions.
A Solution for OFWs
One of the main benefits of PHPC is for overseas Filipino workers (OFWs) who send money back home. Sending PHPC can be more cost-effective since recipients will receive the exact amount in pesos without needing to convert foreign currency. This can potentially reduce remittance costs and make transactions faster and more convenient.
Initial Launch Goals
Coins.ph aims to attract 20,000 to 30,000 customers within the first month of PHPC’s launch. Due to its cost efficiency and real-time transaction capabilities, Zhou anticipates that remittances will be a primary use case for PHPC. “PHPC will reduce costs and enable 24/7 peso transactions in real-time,” he added.
About Coins.ph
Founded in 2014, Coins.ph is a regulated crypto exchange under the BSP. It was the first in Asia to obtain virtual currency and electronic money issuer licenses from a central bank. Coins.ph also holds licenses to operate in Europe, Latin America, Australia, and Africa, making it a significant player in the global digital currency market.
By offering PHPC, Coins.ph continues to innovate in the digital asset space, providing new solutions to enhance financial transactions for Filipinos at home and abroad.
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Source: Coins.ph secures BSP okay to buy, sell PH’s first stable coin
