Coins.ph Expands PHPC Stablecoin to Solana Blockchain
For Coins.ph users, this means faster and cheaper remittances, easier access to Philippine Peso stablecoin for trading.
For Coins.ph users, this means faster and cheaper remittances, easier access to Philippine Peso stablecoin for trading.
$PUSO is a community-led decentralized stablecoin pegged to the Philippine Peso on the Celo blockchain.
While there were previous peso stablecoin initiatives through the years, the Coins.ph announcement raise the conversation about it at a higher level.
Coins.ph said this the first Philippine stablecoin available for retail customers to trade and use in various transactions.
The BSP explained that wholesale CBDCs may contribute in addressing frictions on large cross-border foreign currency transfers.
The initiative is part of its aim to promote the stability of the countryโs payment system.
(Update) The Bangko Sentral ng Pilipinas (BSP) approved UnionBank as the first commercial bank that will issue bank-backed Peso blockchain-based token.
Bitspark said they see this as a way forward to introduce stablecoins without the need for understanding blockchains directly.