PHPC is live, pegged 1:1 with the Philippine Peso.
Coins.PH backs PHPC with a strong financial reserve.
PHPC to facilitate real-world transactions for gamers.
Ronin Network, the blockchain behind the popular Axie Infinity game, is launching PHPC, a stablecoin pegged to the Philippine Peso. This marks a significant step in expanding cryptocurrency adoption in the Philippines, particularly within the gaming community.
As an ERC-20 token, one PHPC is equivalent to one Philippine Peso, promising a stable and reliable digital currency option for users. This development follows the Bangko Sentral ng Pilipinas’ (BSP) approval for Coins.ph to pilot a similar stablecoin, PHPC, earlier this year.
PHPC is LIVE on Ronin! 🇵🇭The stable coin of the Philippines has arrived ⚔️• 1 PHPC ≈ 1PHP⁰• Approved by the Bangko Sentral ng Pilipinas⁰• Supported by @coinsphFull announcement 👇📜 : https://t.co/wNAWuCJdsO pic.twitter.com/C4IsbreU2V
— Ronin (@Ronin_Network) July 8, 2024
Coins.PH, a leading Filipino crypto exchange regulated by the Bangko Sentral ng Pilipinas, backs the liquidity of PHPC with a significant reserve pool of cash and other traditional financial instruments. This backing ensures that PHPC not only complies with regulatory standards but also provides a secure foundation for its users.
The introduction of PHPC comes amidst other initiatives aimed at improving the Philippines’ remittance space. This follows the BSP’s decision to restrict some foreign crypto operations while simultaneously exploring its own central bank digital currency (CBDC).
The introduction of PHPC is reportedly significant for the Axie and Ronin community in the Philippines, one of the largest in the world. This stablecoin will allow players to use their in-game earnings to seamlessly pay for goods and services nationwide, integrating digital earnings with real-world applications.
Moreover, the Ronin Network plans to enable PHPC swapping on its Katana platform soon, further enhancing its usability. PHPC aims to revolutionize financial transactions in the Philippines by offering faster, cheaper, and more accessible services compared to traditional banking systems. Its implementation could be a game-changer for peer-to-peer transfers, merchant payments, remittances, and business payments across the country.
To add PHPC to the Ronin mobile wallet or browser extension, users can manage tokens from the floating menu, add a custom token with the provided details, and import it. The network will issue updates as the token becomes available for swapping.
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