Coins.ph, the largest cryptocurrency exchange in the Philippines, has partnered with Australian digital payments platform Stables Money to utilize PHPC, the first Philippine Peso-backed retail stablecoin, in cross-border remittances.
PHPC is a stablecoin fully pegged to the Philippine Peso and backed by cash and cash equivalents held in Philippine bank accounts. This peg ensures that users can reliably redeem their PHPC 1:1 for Philippine Peso, providing a stable and trusted medium for transactions.
With PHPC, remittances can be done in near real-time and at a lower cost compared to traditional remittance rails. This collaboration aims to integrate PHPC into a larger financial ecosystem, tapping into its utility for global cross-border transactions.
"Recognizing the Philippines as a key player in global remittances, we expanded to deliver smooth PHP transactions. With 28.44% of our send transactions now in PHP, this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines,” said Bernardo Bilotta, CEO of Stables Money.
Since its launch in July, PHPC has achieved several milestones, including its integration into the Ronin Network and Katana, a decentralized exchange (DEX) on the Ronin blockchain.
The growth in user adoption has been equally promising. “We’re encouraged to see growing adoption of PHPC among our user base,” said Wei Zhou, CEO of Coins.ph. “Our partnerships with Stables and Ronin underscore the vast potential of PHPC in cross-border transactions, trading and other financial activities.”
Coins.ph remains committed to expanding PHPC's reach by collaborating with more exchanges, wallets, and financial institutions. With its robust backing and the trust it offers, PHPC is poised to become a cornerstone in the future of digital finance, unlocking new efficiencies in remittances, peer-to-peer transactions, trading, and beyond.
