The central bank of the Philippines is going to start conducting controlled trials of a national stablecoin that will be tied exactly to the local peso.

In collaboration with Coins.ph, a crypto wallet provider, the Bangko Sentral ng Pilipinas (BSP) has given its approval to a pilot project for PHPC, a stablecoin that is backed by the Philippine peso.

The grant was granted following the approval of the Regulatory Sandbox Framework by the BSP.