Coins.ph’s PHPC Stablecoin Receives BSP Approval, a Game-Changer for Remittances

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In a groundbreaking development for the digital asset and fintech industry of the Philippines, Coins.ph, the leading cryptocurrency exchange in the country, announced it has received approval from the Bangko Sentral ng Pilipinas (BSP) to issue a Philippine Peso stablecoin, to be called PHPC.

This approval marks a significant milestone as PHPC will be the first Philippine stablecoin available for retail customers to trade and use in various transactions.

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.

PHPC will maintain a stable value, pegged 1:1 to the Philippine Peso. It will be fully backed by cash and cash equivalents stored in Philippine bank accounts. As such, this ensures stability of its value and gives users the security of being able to fully redeem PHPC for Philippine Peso. This makes PHPC ideal for peer-to-peer and B2B transactions alike.

Wei Zhou, CEO of coins.ph, discusses PHPC. Photo by YGG Alerts.

The vision for PHPC is that in time it will enable convenience, cost-efficiency and speed in a variety of financial activities including remittance, trading, and payments.

“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 Wei Zhou, CEO of Coins.ph.

With a fully fledged Philippine Peso stablecoin that is open and accessible, Coins.ph envisions that PHPC will revolutionize the financial transactions of both individuals and businesses, affording them greater flexibility, lower costs and rapid settlements.

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.

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