[BSP approves Coins.ph to pilot stablecoins in major remittance markets] Golden Finance reported that the Central Bank of the Philippines has approved the digital currency exchange Coins.ph to pilot a stablecoin PHPC backed by the Philippine peso. The announcement stated that the program will be subject to the regulatory sandbox framework of the Central Bank of the Philippines and will be supported by cash and cash equivalents held in Coins.ph's Philippine bank account. The pilot project will evaluate the benefits of stablecoins in "real-world applications while monitoring their impact on the existing financial ecosystem."