$PHPC is online on Ronin Network
Philippines’ Ethereum-based stablecoin $PHPC, developed by local cryptocurrency exchange Coins.ph, has officially launched on the Ronin Network. $PHPC is pegged 1:1 to the Philippine Peso, giving players a seamless way to convert their gaming earnings and funds into real-world transactions. Ronin announced in a July 8 article that $PHPC will soon be traded on Katana, a decentralized exchange (DEX) on the Ronin Network.
Source: X Ronin announces the launch of Philippine stablecoin $PHPC
Ronin emphasized the importance of this new addition, noting that the Philippines is one of the largest components of the Axie and Ronin communities. By introducing $PHPC, new applications and opportunities will be created for players on the side chain, improving the overall gaming and financial ecosystem experience.
The launch of $PHPC marks a major milestone for the Ronin blockchain, being the second stablecoin on the platform after $USDC. This development is particularly noteworthy as the Philippines plays a major role in the blockchain gaming industry and has a large player community especially during the popularity of the Axie Infinity game in 2021.
The convergence of cryptocurrencies and Web3 games
Wei Zhou, CEO of Coins.ph, emphasized the strategic importance of $PHPC being launched on Ronin: “The Philippines is the center of Web3 game adoption, and we hope to launch $PHPC on Ronin, the world’s largest Web3 game chain.”
Ronin has established a leading position in the Web3 gaming industry as an Ethereum Virtual Machine (EVM) compatible blockchain. It is the blockchain of choice for popular games Axie Infinity and Pixels, which have huge followings among gamers in the Philippines. By launching $PHPC on Ronin, Coins.ph is entering this thriving ecosystem, opening up new possibilities for players to interact with digital currency.
Source: CoinDesk In the Philippines, men, women, old and young are all playing Axie Infinity during the epidemic.
Jeff Zirlin, co-founder and Chief Growth Officer (CGO) of Sky Mavis, said: "The Philippines is the heartland of Web3 gaming. We are delighted that Coins.ph has decided to launch $PHPC on Ronin." Zirlin also pointed out that this The move symbolizes Ronin's significant progress from game extensions to real-world payments and merchant transactions.
Progress in Cryptocurrency Regulation in the Philippines
While the Philippine cryptocurrency market is experiencing growth and innovation, it also faces increasing regulatory scrutiny. In March this year, the Philippines’ National Telecommunications Commission (NTC) began efforts to restrict access to cryptocurrency trading platforms that operate without proper licenses. The operation, initiated by the Philippine Securities and Exchange Commission (SEC), demonstrates the government’s commitment to protecting investors and combating illegal financial activities in the country.
In May this year, the Bangko Sentral ng Pilipinas (BSP) approved the $PHPC pilot program developed by Coins.ph. The plan, subject to the BSP’s regulatory sandbox structure, uses Coins.ph’s cash and cash equivalents in Philippine bank accounts as reserves for $PHPC. Two months later, Ronin Network announced that $PHPC was officially launched on its platform and planned to open trading on the decentralized exchange Katana.
In addition, Philippine Securities and Exchange Commission Chairman Emilio B. Aquino announced in May that he planned to launch a regulatory framework for crypto assets and their transactions in the second half of this year, aiming to protect the rights and interests of Filipinos engaged in cryptocurrency transactions. Cryptocurrency exchanges targeting Filipinos must obtain necessary licenses and registrations before they can begin operating.
