An Overview of Peso-Backed Stablecoins in the Philippines

Cryptocurrencies have transformed the financial sector by introducing new solutions to enduring obstacles, one of which includes stablecoins.
- These are a type of cryptocurrency that has the potential to boost financial inclusion and promote economic growth.
Whatโs the significance? In the Philippines, there are already entities and institutions that have launched their own stablecoins, which we will talk about in this article.
This article was last updated on September 14, 2024.
Table of Contents
What are Stablecoins?
Stablecoins are a category of cryptocurrencies tethered to a designated reference assetโIt could be gold, a fiat currency, exchange-traded commodities, or another cryptocurrency.
- Compared to Other Types of Crypto: Their primary characteristic is their deliberate aim to maintain a steady value, setting them apart from the volatility often associated with other cryptocurrencies.ย
- Advantage of Stablecoins: Given their reliability, stablecoins are commonly utilized for transactions and trading, offering a more dependable choice in contrast to their more unpredictable cryptocurrency counterparts.
Stablecoins are categorized into three types: fiat-backed, crypto-backed, and algorithmic.
- Fiat-backed stablecoins are pegged to a fiat currency, such as the US dollar or the euro. They maintain their peg by holding reserves of the corresponding fiat currency.
- Crypto-backed stablecoins are pegged to a cryptocurrency, such as Bitcoin or Ethereum. They maintain their peg by holding reserves of the corresponding cryptocurrency.
- Algorithmic stablecoins are not pegged to any asset. They maintain their pegs through a combination of algorithms and economic incentives that adjust the supply and demand of the stablecoin according to market conditions.
PH Stablecoins: Peso-Backed Stablecoins in the Philippines
PHX
- Launch Date: 2019 by UnionBank of the Philippines
- This made UnionBank the first bank in the country to launch a stablecoin and use blockchain for remittances.
- What is it: A Philippine-peso-pegged stablecoin to facilitate cross-border remittance transactions on a blockchain for Project i2i participants.ย
- Project Update: As of writing, the platform website no longer states that it supports the stablecoin.ย
- BitPinas Article/s:
PHD
- Date the Plan Was Announced: 2022 by UnionDigital Bank, a subsidiary of UnionBank in the Philippines
- What is it: A Philippine-peso pegged stablecoin that is set to be available to all UnionDigital customers.
- Project Update: Since the announcement, there have been no further updates, and no information about the stablecoin is available on the website.
- BitPinas Article/s:
C Peso
- Launch Date: 2022 by C Pass Inc.
- This endeavor is part of a joint venture between C Pass Inc. and the Cebu City government, which began with a memorandum of understanding in April 2021.
- What is it: A Philippine-peso pegged stablecoin that is aimed at promoting cashless payments in Cebu City.
- Project Update: The most recent update, 2023, indicated that C PASS is in the process of securing electronic money issuer licenses in both the Philippines and Europe.
- Additionally, they have been in discussions with the Philippine Central Bank to obtain a Virtual Asset Service Provider (VASP) license.ย
- In March 2023, the issuer of the stablecoin obtained a license to operate its cryptocurrency send-and-receive services in Europe.ย
- Currently, C PASS users in the Philippines and Europe can send, receive, and exchange various cryptocurrencies, including Bitcoin, Ethereum, XRP, USDT, C PESO, and others.
- BitPinas Article/s:
PHMU
- Launch Date: September 2023 by Direct Agent 5, Inc. (DA5) and and Gurufin.
- This endeavor is part of a joint venture between C Pass Inc. and the Cebu City government, which began with a memorandum of understanding in April 2021.
- What is it: A Philippine-peso pegged stablecoin that will run on Gurfinโs own Layer 1 blockchain, which guarantees consistent transaction costs without the volatility associated with gas fees.

- The stablecoin also has real-time verification capabilities and complies with legal frameworks and licensing, making it adaptable for various applications.
- Project Update: As per the data shared in 2023, PHMU was scheduled to launch within the DA5 and Gurufin ecosystem
- BitPinas Article/s:
PHPC

- Launch Date: July 2024 by Coins.ph
- CEO Wei Zhou stated they have plans to list the peso-pegged PHPC on international exchanges.
- What is it: A Philippine-peso-pegged stablecoin that aims to enhance financial transactions by offering convenience, speed, and cost-efficiency, particularly in remittances, trading, and payments.
- PHPC’s primary use case was to reduce remittance costs and transaction times for Overseas Filipino Workers (OFWs).ย
- Project Update: PHPC was launched on the Ronin blockchain and PHPC liquidity pools is now available on Katana DEX.
- Coins.ph also partnered with Stables Money to use its PHPC stablecoin for efficient, low-cost remittances between Australia and the Philippines, leveraging its integration into the Ronin Network and Katana.
- BitPinas Article/s:
- Coins.ph Receives BSP Approval to Launch PHPC, a Philippine Peso-Pegged Stablecoin
- Coins.ph CEO: We’re in Talks to List PHPC on International Exchangesย
- Coins.ph Launches BSP-Approved PHPC Stablecoin on Ronin
- Philippine Peso Stablecoin PHPC Liquidity Pools Now Available on Ronin Katana DEXย
- Coins.ph To Utilize PHPC Stablecoin for Australia-Philippines Remittancesย
โI 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.โ
Wei Zhou, Chief Executive Officer, Coins.ph
PUSO

- Launch Date: August 2024 by Celo Community, governed by the Celo Philippines DAO, and built by Mento Labs.
- What is it: It allows users to swap currencies directly on the Mento platform, reducing high crypto exchange fees and facilitating remittances.
- The stablecoin aims to drive financial inclusion and empower the Philippines’ growing crypto community.
- Project Update: PHPC is minted on the Celo blockchain and is expected to provide a low-cost, efficient entry point into web3 for Filipinos.ย
- BitPinas Article/s:
โThe $PUSO stablecoin will act as a universal entry point for users in the Philippines to access the web3 and crypto world. It is estimated that there are nearly 10 million Filipino crypto-holders… We believe that a universally available PUSO stablecoin that is integrated at the Mento broker could compress these fees.โ
Celo DAO Philippines
UBX Stablecoin (Unnamed)
- Date the Plan Was Announced: March 2024 by UBX, the digital arm of the Aboitiz Group
- What is it: A Polyong PoS-based Philippine-peso pegged stablecoin that aims to improve the efficiency and speed of transactions, particularly remittances,
- Project Update: There are still no updates regarding its development.
- BitPinas Article/s:
Opinions on Stablecoins
Carlos Tapang, a veteran software design engineer, entrepreneur, and the founder and CEO of RockStable, stablecoins can be compared to other cryptocurrencies, but it must be noted that they gain instant value by piggybacking on the value of existing money. He then wrote:
โThe benefit is that this token is much easier and cheaper to transact with than CB (Central Bank) money. Why is it easier to deal with? Because itโs almost frictionless (but safe) in the internet, no third-party is involved. What is the benefit to the issuer? Short-term, the issuer is after your CB money. The issuer can profit from this backing (CB money) by investing it in ways that also preserve its liquidity.โ
Carlos Tapang, RockStable
In his paper in 2019, Atty. Rafael Padilla, Co-Founder and Trustee of BlockDevs Asia and Professor of Law at San Beda Alabang, explored the legal and regulatory aspects of stablecoins, particularly within the context of securities regulation, anti-money laundering (AML), and financial service licensing.
Padilla discussed the legal status of stablecoins, their potential classification as securities, the money laundering risks associated with them, and the licensing implications for stablecoin projects. He also highlighted key considerations and regulatory challenges faced by stablecoin issuers.
This article is published on BitPinas: An Overview of the Philippines’ Peso-Backed Stablecoins
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