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Coins.ph CEO: We’re in Talks to List PHPC on International Exchanges

Photo for the Article - Coins.ph CEO: We're in Talks to List PHPC on International Exchanges

After the planned launch of its stablecoin next month, Coins.ph plans to list the peso-pegged PHPC on international exchanges, CEO Wei Zhou announced during BitPinas Webcast 50, where he and Lawrence Linker from XD Academy discussed significant recent crypto updates.

PHPC on International Exchanges?

The Future of Crypto After Bitcoin Halving and ETF | BitPinas Webcast 50

“We hope to get it ready by the first or second of June and I think we’re going to open up trading pairs for it and we’re also talking to non-Philippines exchanges to see if they can list it.”

Wei Zhou, CEO, Coins.ph

 Earlier this month, Coins.ph announced it received approval from the Bangko Sentral ng Pilipinas (BSP) to launch PHPC and make it available for retail use. According to the media release, an early public test phase will start in early June 2024.

“I think the biggest use cases for stablecoins today are still trading and payments; we are going to go big into both of those use cases.”

Wei Zhou, CEO, Coins.ph

Coins.ph previously highlighted that the stablecoin is expected to significantly benefit remittance transactions, reducing costs and time associated with sending funds from Filipinos overseas to their families in the country. Additionally, the firm noted that PHPC will enable 24/7 real-time peso transactions, offering individuals and businesses flexibility, lower costs, and rapid settlements.

Opinions on PHPC

In a previous article from BitPinas, Coins.ph’s upcoming launch of the PHPC stablecoin has drawn attention and garnered various opinions within the wider crypto community due to its significance:’

  • Carlos Tapang, CEO of Rock Stable, emphasized the benefits of a peso stablecoin in terms of liquidity and rapid transfers. However, he urged Coins.ph to clarify its objectives for the stablecoin, suggesting that if it’s for trading purposes, collaboration with other virtual asset service providers could enhance adoption and reduce transaction fees.
  • Gabby Dizon, Co-Founder of Yield Guild Games, expressed enthusiasm for the PHPC stablecoin, highlighting its potential to significantly reduce remittance fees for Filipinos, which currently stand at 6% with traditional remittance companies.
  • Kookoo Crypto TV and Coach Miranda Miner both lauded the launch of PHPC as a step towards mass adoption, especially among Overseas Filipino Workers (OFWs). They emphasized its potential to facilitate faster economic growth and improve financial transactions for individuals and businesses.
  • Luis Buenaventura, a GCash executive, raised concerns about the potential obsolescence of local exchanges due to the introduction of a peso stablecoin, as traders may prefer direct access to global markets. However, he cautioned about regulatory challenges and the need for robust measures to address them.

Read: Does the Philippines Need a Peso Stablecoin? Community Weighs In

What are stablecoins?

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Stablecoins are a subset of cryptocurrencies designed to maintain a stable value by being pegged to a specific reference asset, which can include fiat currencies, commodities like gold, or other cryptocurrencies. Unlike many cryptocurrencies known for their price volatility, stablecoins aim for stability, making them a reliable choice for transactions and trading. There are three main types of stablecoins: fiat-backed, crypto-backed, and algorithmic.

Read: What are Stablecoins? An Introduction, Description, and Use Cases

Stablecoins in PH

Prior to PHPC, several attempts were made to introduce peso-pegged stablecoins in the Philippines. In 2019, Bitspark planned peg.PHP to improve remittance efficiency, but the project ended with Bitspark’s closure.

UnionBank then launched PHX, the country’s first stablecoin, focusing on cross-border transactions. Subsequent efforts included UnionDigital Bank’s PHD stablecoin and C Pass Inc.’s C-Peso initiative for cashless payments.

In 2023, DA5 announced PHMU in collaboration with Gurufin, integrating blockchain in real-economy payments. The latest was in March 2024, UBX revealed plans for a peso-based stablecoin on Polygon PoS.

Read: An Overview of the Philippines’ Peso-Backed Stablecoins

This article is published on BitPinas: Coins.ph CEO in Talks to List PHPC on International Exchanges

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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