Philippines’ stablecoin PHPC debuts on Ronin sidechain
Developed by the Philippines’ crypto exchange Coins.ph, the PHPC stablecoin tied to the Philippine Peso has made its way to Ronin.
PHPC, an Ethereum-based stablecoin created by Coins.ph, is now available on Ronin, enabling local blockchain game players to use their in-game earnings and funds to pay for goods and services within the country.
In a Jul. 8 blog announcement, Ronin said the addition will soon allow the network’s users to exchange the stablecoin on Katana, a decentralized exchange on the Ronin network, though no timeframe was provided. Ronin says the Philippines remain “one of the biggest sectors of the Axie and Ronin community,” adding that PHPC will open new use-cases for players in the country on the sidechain.
“Managers and guild leaders from other countries will also be able to send PHPC to their scholars, making it easier to transfer funds and processing payouts.”
Ronin
Developed by crypto exchange Coins.ph, PHPC is tied at a 1:1 ratio to the Philippine Peso. The exchange also serves as a liquidity supporter for PHPC, maintaining a reserve pool consisting of cash and other traditional financial instruments, the announcement reads.
In early May, the Philippine Securities and Exchange Commission signaled its willingness to introduce a regulatory framework for the crypto market in the second half of 2024. According to SEC chair Emilio B. Aquino, the guidelines aim to regulate crypto trading in the nation while upholding investor security.
