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Coins.ph Collaborates With Sky Mavis To Launch The Philippines Peso Stablecoin

Coins.ph, a top cryptocurrency exchange in the Philippines, has formed an alliance with Sky Mavis to unveil the PHPC, the country’s Peso stablecoin, on the Ronin network. PHPC was created to match the value of the Philippine Peso, and each token is entirely supported by cash and similar assets kept in Philippine bank accounts.

Coins.ph Has Received Approval From Philippines Central Bank To Test PHPC

Coins.ph has over 18 million users. It has received approval from the Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), to test PHPC under the bank’s Regulatory Sandbox Framework.

PHPC aims to enable consumers to perform financial transactions easily and efficiently while lessening costs. These transactions include merchant payments, payment transactions across businesses, peer-to-peer transfers, and remittances.

The Chief Growth Officer and Co-founder of Sky Mavis, Jeff Zirlin, said web3 gaming is highly popular in the Philippines. He said the studio’s team is excited as Coins.ph plans to unveil PHPC on Ronin. Sky Mavis is the developer behind Ronin blockchain and Axie Infinity.

Coins.ph’s Chief Executive Officer, Wei Zhou, discussed the latest update. He said it was vital to launch PHPC on Ronin because the Philippines is a significant area where many people are exploring different types of games. He also marked Ronin as the most extensive gaming chain worldwide.

Ronin is a blockchain compatible with Ethereum Virtual Machine (EVM). It has become a top choice in the web3 gaming world. Popular games like Pixels and Axie Infinity, which have huge followings among Filipino gamers, prefer using the Ronin blockchain.

Coins.ph And Ronin Plans To Expand Stablecoin Reach In Web3 Gaming

Coins.ph and Ronin have more plans than launching PHPC on the blockchain. They are looking for the opportunity to work together on transfer, trading, and payment services. Both entities said they want to unveil the PHPC/RON token pair on Katana, a Peer-to-peer exchange established on the Ronin chain. This initiative aims to push stablecoin more into the web3 gaming environment.

Zirlin also revealed that this move shows Ronin is growing past gaming into real-world payments and transactions with merchants. The launch of PHPC on Ronin follows approval from the Philippines Central Bank for limited trials of a national stablecoin in May.

The Philippines’ securities regulator said it wants to create new rules for cryptocurrency assets and trading in the country by the end of this year. These new cryptocurrency rules will regulate trading in the country and protect investors.

Coins.ph continues to offer consumers direct access to digital payment and banking services, bill payments, online shopping, local and international remittances, and game credits. It simplifies money transfers and makes them accessible via mobile devices and blockchain technology.

Ali Raza

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