Philippines-based cryptocurrency exchange Coins.ph has launched its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, a major gaming blockchain renowned for its daily active user base. This initiative follows approval from the Bangko Sentral ng Pilipinas (BSP), permitting Coins.ph to pilot a Philippine Peso-backed stablecoin under the BSP’s Regulatory Sandbox Framework.
Coins.ph indicated that PHPC is pegged to the Philippine Peso and is fully backed by cash and cash equivalents in Philippine bank accounts. This stablecoin is designed to maintain a 1:1 redemption value with the Philippine Peso, aimed at enhancing transaction efficiency and reducing costs in various areas such as remittances, peer-to-peer transfers, merchant payments, and B2B transactions.
Strategic Integration with Ronin Blockchain
Wei Zhou, CEO of Coins.ph, noted the significance of the Philippines as a hub for web3 gaming adoption, leading to the decision to introduce PHPC on Ronin, which is the largest web3 gaming chain globally. Given the substantial number of Filipinos and Coins.ph customers using Ronin, there are several collaborative opportunities for utilizing PHPC in transfers, payments, trading, and more.
Ronin, an Ethereum Virtual Machine (EVM) blockchain created by Sky Mavis for developers building games with player-owned economies, hosts popular Web 3.0 games such as Axie Infinity and Pixels, which have millions of Filipino gamers. With the opening of deposits and withdrawals for PHPC on both Coins.ph and the Ronin Wallet, future plans include listing PHPC/RON on Katana, a decentralized exchange on the Ronin blockchain.
Expanding Beyond Gaming
Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis, expressed enthusiasm about Coins.ph launching PHPC on Ronin. This move marks Ronin’s expansion beyond its original focus on gaming into real-world payments and merchant transactions. The collaboration between Coins.ph and Ronin is expected to provide Filipinos with a seamless crypto experience for everyday transactions.
Making PHPC available on Ronin is viewed as the first step in a broader journey to enable various use cases at scale for millions of Web 3.0 gamers in the Philippines. These use cases range from cashing out in-game earnings to using cryptocurrency for in-store payments, signifying a significant shift towards integrating digital currencies into daily financial activities.
Established Crypto Brand in the Philippines
Coins.ph, founded in 2014, stands as one of the most established cryptocurrency brands in the Philippines, boasting over 18 million users. The company is fully regulated by the Bangko Sentral ng Pilipinas and holds both Virtual Currency and Electronic Money Issuer licenses from the central bank. This regulatory compliance underscores Coins.ph’s commitment to providing secure and reliable financial services to its users.
Future Prospects and Impact
The launch of PHPC on the Ronin blockchain represents a pivotal development in the Philippine digital currency landscape. By leveraging Ronin’s extensive user base and Coins.ph’s established market presence, this initiative is set to drive greater adoption of digital currencies for everyday use. The collaboration aims to simplify and streamline financial transactions for Filipinos, reducing costs and enhancing convenience.
As the partnership between Coins.ph and Ronin evolves, it is expected to unlock new opportunities for integrating blockchain technology into various sectors. This includes expanding the use of digital currencies beyond gaming, thereby fostering a more inclusive and efficient financial ecosystem in the Philippines. The introduction of PHPC is anticipated to pave the way for further innovations in the digital currency space, positioning the Philippines as a leader in blockchain adoption and utilization.
In summary, the PHPC stablecoin launch on Ronin by Coins.ph is a significant step towards transforming the way financial transactions are conducted in the Philippines. By combining advanced blockchain technology with regulatory compliance, this initiative aims to enhance efficiency, reduce costs, and provide a seamless crypto experience for millions of users.
