Coins.ph Tests PHPC Stablecoin on Arc Network

Coins.ph, one of the Philippines’ leading cryptocurrency platforms, is exploring a new blockchain technology that could potentially lower the cost and speed up the process of money transfers for Filipinos, particularly overseas workers sending funds home. The company has joined the Arc public testnet, a blockchain network developed by a subsidiary of Circle Internet Group, the same company listed on the New York Stock Exchange and known for its role in advancing digital finance solutions.

Testing PHPC on Arc’s Blockchain Network

Through this initiative, Coins.ph intends to evaluate how its Philippine peso-backed digital currency, known as PHPC, can operate on the Arc blockchain infrastructure. PHPC functions as a stablecoin, maintaining a value equivalent to one Philippine peso. By leveraging Arc’s system, the company aims to streamline international money transfers and minimize transaction fees that are typically imposed by traditional banks.

Coins.ph emphasized that this test marks an important step in improving cross-border remittances, a critical financial service for millions of Filipinos working abroad. The company has already completed a pilot program approved by the Bangko Sentral ng Pilipinas (BSP) earlier in the year. Its next phase involves seeking regulatory authorization from the BSP to expand PHPC issuance and facilitate larger-scale transactions.

Enhancing Financial Access for Filipinos

Coins.ph Chief Executive Officer Wei Zhou explained that the broader objective of the project is to enhance the everyday usability of PHPC for Filipino consumers. He indicated that the company’s focus is on making remittances more efficient and affordable, reducing the delays and costs commonly associated with sending funds through conventional banking systems.

The Arc blockchain network, on which the PHPC will be tested, is designed to support the development of next-generation financial applications. It enables developers to create decentralized tools and platforms that can expand the use cases of digital assets like PHPC. Coins.ph envisions that this technology could eventually allow Filipinos to save, borrow, or pay for goods and services using blockchain-based systems, promoting broader adoption of digital finance in the country.

Partnership with Regulators and Future Outlook

The company reiterated its commitment to working closely with financial authorities to ensure that all digital asset initiatives align with national regulatory frameworks. It acknowledged the importance of maintaining compliance with the BSP’s standards while exploring innovative technologies that could redefine financial accessibility in the Philippines.

As blockchain technology continues to evolve, the PHPC pilot on the Arc testnet represents a significant milestone for the local digital economy. If successful, the project could pave the way for a more inclusive financial ecosystem where Filipinos, both domestic and overseas, can move money securely and instantly without relying on costly intermediaries.

Coins.ph’s participation in the Arc network signals a growing effort among fintech companies to integrate blockchain-based stablecoins into mainstream financial operations. The company’s vision aligns with a global trend of using blockchain solutions to reduce friction in cross-border transactions while ensuring transparency and security.

Through its ongoing experiments with PHPC and partnerships with regulatory bodies, Coins.ph continues to position itself at the forefront of the Philippines’ transition toward a more digital, efficient, and globally connected financial future.