Coins.ph Granted Regulatory Approval to Roll Out Peso Stablecoin

Coins.ph Granted Regulatory Approval to Roll Out Peso Stablecoin

by May 9, 2024

Coins.ph, a leading cryptocurrency platform, has secured regulatory approval from the Bangko Sentral ng Pilipinas (BSP) to introduce a peso stablecoin named PHPC. This stablecoin is set to be accessible to retail customers, and will mark a milestone in the digital asset landscape of the Philippines.

Wei Zhou

Wei Zhou

Speaking at a recent briefing, Coins.ph Chief Executive Officer Wei Zhou highlighted the uniqueness of PHPC, stating,

“PHPC is unique in that it will be the first regulated Philippine stable point for, and not just for all users. Users such as you and I can actually buy PHPC, transfer it, trade it on Coins.ph, and potentially on other wallets and exchanges, as we roll out its adoption and can make further approvals for the PHPC.”

Stablecoins, unlike more volatile cryptocurrencies such as Bitcoin or Ethereum, maintain a stable value as they are pegged to a fiat currency or commodity.

PHPC will be pegged one-to-one to the peso, backed by cash and cash equivalents stored in Philippine bank accounts, ensuring its stability and full redemption for pesos.

Wei Zhou revealed that Coins.ph anticipates obtaining full approval for the PHPC stablecoin within two to three months, with a pilot launch scheduled for early June on the Coins.ph platform. During the initial phase, the platform aims to onboard 20,000 to 30,000 users of PHPC.

“We’re being monitored for performance and there’s a set of metrics that we have to hit. Once we hit those metrics, then we can leave the sandbox,”

Wei Zhou explained.

Coins.ph envisions PHPC being utilised for various purposes such as remittances, trading, business to business (B2B) payments, and Web3 gaming, with the goal of reducing costs and enhancing efficiency.

“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,”

Wei Zhou affirmed.

Furthermore, the company plans to expand the accessibility of PHPC by listing it on other exchanges, wallets, and blockchains. Additionally, PHPC will be integrated into remittance platforms in countries with significant remittance flows to the Philippines, offering more convenience to users.

Coins.ph, being a virtual asset service provider and electronic money issuer, will integrate PHPC into the e-money products available on its partner banks’ platforms, augmenting the range of digital financial services offered.

 

 

 

Featured image credit: Edited from Freepik