Ronin Network Integrates PHPC
YEREVAN (CoinChapter.com) — The Ronin Network has integrated PHPC stablecoin on its platform, leading to a 6% surge in its native token RON. The development was announced on the social media platform X. It marks a key step for the Ethereum sidechain created by Sky Mavis.
HPC Goes Live on Ronin․ Source: Ronin Network PHPC Stablecoin Launched to Boost Affordable Remittances in the Philippines
A partnership with Coins.ph first introduced PHPC, the first regulated peso-pegged stablecoin in the Philippines. Coins.ph is a prominent Filipino crypto trading platform. The platform supports 18 million user accounts and has 7 million monthly active users, covering about 6% of the Philippines’ 116 million population.
Bangko Sentral ng Pilipinas (BSP) approved PHPC in May. A reserve pool of cash and other financial instruments ensure its stability. The stablecoin aims to make remittances more affordable. This is crucial for many Filipinos who rely on money sent from family members abroad. This measure aligns with BSP’s Regulatory Sandbox Framework, which oversees PHPC’s rollout.
PHPC Launch Simplifies Transactions in the Philippines
According to the official announcement, PHPC will enable fast, low-cost transactions with on-chain Pesos. It will support peer-to-peer transfers, merchant payments, remittances, and business payments.
PHPC Now Live on Ronin. Source: Ronin Network
This development is expected to simplify financial operations in a country where remittances are a major part of the economy.
RON Token Surges After PHPC Integration
After the announcement, the RON token surged by over 6%, trading around $1.77. CoinMarketCap data shows that the trading volume of RON increased by 60% in the past 24 hours. Currently ranked as the 96th largest cryptocurrency by market cap, RON reached an all-time high of $4.5 in March.
RON Token Surges After PHPC Integration․ Source: CoinMarketCap
Alongside the PHPC integration, Ronin launched version 2.4.0 of its Mobile Wallet for iOS and Android devices. The update includes custom RPC, gas fee, and nonce settings, offering users more control over their transactions. It also supports manual NFT addition and a new single-chain mode for streamlined use.
Ronin Mobile Wallet v2.4.0 Update Released․ Source: Ronin Network
Moreover, the implementation of PHPC is ongoing. Currently, deposits and withdrawals are active on both Coins.ph and Ronin Wallet. Additionally, plans are in place to list the PHPC/RON trading pair on Katana. Katana is the Ronin-based decentralized exchange. This will offer more trading options for users.
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