Coins.ph Expands PHPC Stablecoin to Solana Blockchain
Coins.ph announced that their Philippine Peso stablecoin, PHPC, will be supported on the Solana blockchain, broadening its use cases for remittances, DeFi, and on-chain FX trading.
What’s the significance: For Coins.ph users, this means faster and cheaper remittances, easier access to Philippine Peso stablecoin for trading, and more opportunities to use it in new financial tools like DeFi. (Read more: Coins.ph Launches BSP-Approved PHPC Stablecoin on Ronin)
The Big Picture: The integration of PHPC into Solana reflects a growing trend of stablecoins being adopted across major blockchains to improve financial services.
- With the Philippines being one of the largest remittance markets, this move wants to leverage blockchain for faster, cheaper, and more accessible financial solutions.
Key details:
- It was announced at Solana’s Breakpoint 2024 last September 21 in Singapore.
- PHPC is fully backed and regulated by the central bank, offering a secure stablecoin option for Filipinos and global users.
- The integration will increase liquidity and provide new on-chain FX pairs like USDC/PHPC, USDT/PHPC, and EURC/PHPC, giving traders and institutions exposure to the Philippine Peso on a global scale.
- Apart from Solana, it is already supported on Ronin and Polygon.
The numbers: It was noted that the remittances to the Philippines reached $33.5 billion in 2023, and PHPC’s Solana integration aims to further streamline and reduce the cost of these cross-border transfers.
Key quote:
“We’re excited to bring PHPC to Solana, a blockchain that ranks among the top in transaction volume globally and has a vibrant and growing community in the Philippines… This is a strategic step in our global expansion, as we work to bridge international markets with the Philippines, empowering users and developers to harness PHPC’s potential across multiple use cases.”
Wei Zhou, CEO, Coins.ph and Coins.xyz.
How it works: PHPC on Solana will allow users to send and receive funds quickly across borders with low transaction fees. Users can also trade PHPC in decentralized finance (DeFi) platforms and pair it with other currencies for on-chain foreign exchange (FX) trading.
- By choosing Solana for its speed and low costs, Coins.ph is making PHPC more competitive globally, providing a faster and cheaper option compared to traditional remittance services.
However: While the integration brings advantages, stablecoins still face challenges such as regulatory scrutiny and ensuring sufficient adoption outside the cryptocurrency community.
What to watch:
- PHPC’s upcoming listing on Coins.xyz and other global exchanges.
- The integration with Solana is scheduled for next quarter.
Worth reading: Last month, Coins.ph partnered with Australian payments platform Stables Money to enable faster, low-cost remittances between Australia and the Philippines using the PHPC stablecoin.
This article is published on BitPinas: Coins.ph Expands PHPC Stablecoin to Solana Blockchain
What else is happening in Crypto Philippines and beyond?
