Coins.ph Launches BSP-Approved PHPC Stablecoin on Ronin
Coins.ph has introduced its Philippine Peso (₱) stablecoin PHPC on the Ronin blockchain.
- PHPC is pegged 1:1 to the Philippine Peso and backed by cash equivalents in local bank accounts, ensuring stable value for users.
What’s the significance: The listing confirms CEO Wei Zhou’s announcement on a previous BitPinas webcast that the company is intending to list PHPC in international platforms.
- More importantly, this marks the first time that the Philippine Peso (via its stablecoin counterpart) is listed in an international crypto platform.
The key statistics:
- Coins.ph has over 18 million users and has listed multiple tokens that are also available on the Ronin blockchain.
- Ronin is the largest gaming blockchain by daily active users.
Applications: PHPC makes it cheaper and easier for Filipinos to send money, pay merchants, and do transactions using cryptocurrency, especially for those who are both users of Coins.ph and Ronin blockchain, where popular games like Axie Infinity and Pixels Online are built.
- For example, guild managers operating internationally have the option to distribute PHPC to their team members, known as scholars, in the Philippines.
- These players can then transfer their PHPC to a Coins.ph account, enabling them to withdraw cash or make payments for utilities, mobile credit, and other expenses.
- Additionally, players may utilize PHPC to purchase goods and services, provided that merchants offer this payment alternative, similar to when, during the height of the Axie phenomenon, local merchants were accepting SLP.
What’s available: PHPC deposits and withdrawals now available on both Coins.ph and the Ronin Wallet
How to Add PHPC on Ronin Wallet
- On the Ronin wallet, select “Manage Tokens.”
- Tap + to add a token.
- Select “Custom”
- Enter the token address of PHPC:
- Token Address: 0x63c6e9f027947be84d390cfa7b2332d13b529353
- Token Symbol: PHPC
- Preferred Token Decimal
- Select “Import”
Note: PHPC is still not available for swapping on the Ronin wallet.
Key quote:
Sky Mavis Co-Founder Jeff Zirlin said they are thrilled that Coins decided to list PHPC on the blockchain they have developed.
“With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions.”
Jeff Zirlin, Co-Founder, Sky Mavis, developers of Ronin blockchain
Wei Zhou, CEO of Coins.ph meanwhile said it is important for them to list PHPC specifically on Ronin:
“Many Filipinos and Coins.ph customers use Ronin and there are a number of areas Ronin and Coins are looking to collaborate on when it comes to using PHPC for transfers, payments, trading and more.”
Wei Zhou, CEO, Coins.ph
What’s next: Coins.ph said it looks forward to seeing a PHPC and RON trading pair on Katana, a decentralized exchange on the Ronin blockchain.
This article is published on BitPinas: Coins.ph Launches BSP-Approved PHPC Stablecoin on Ronin
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