Coins.ph, a digital currency exchange based in the Philippines, has received approval from the country's central bank to conduct a pilot program for its Philippine Peso-backed stablecoin.
Coins.ph, a digital currency exchange based in the Philippines, has received approval from the country's central bank to conduct a pilot program for its Philippine Peso-backed stablecoin, called PHPC. The approval was granted under the regulatory sandbox framework of the Bangko Sentral ng Pilipinas (BSP), allowing Coins.ph to test the stablecoin's real-world applications and assess its impact on the existing financial ecosystem.
According to the company's announcement, the PHPC stablecoin will be backed by Coins.ph's cash and cash equivalents held in Philippine bank accounts. This ensures that the stablecoin maintains a value pegged to the Philippine Peso. Coins.ph, led by CEO Wei Zhou, former Chief Financial Officer of Binance, plans to make the stablecoin available on its platform by early June.
During a press briefing, Zhou stated that the pilot program's performance will be closely monitored. If certain metrics are met, Coins.ph expects to obtain full approval, allowing them to transition out of the regulatory sandbox and operate the stablecoin on a larger scale.
The approval of Coins.ph's stablecoin pilot comes at a time when the Philippines government has expressed its intention to launch a wholesale central bank digital currency (CBDC) within the next two years. Additionally, digital payments firm Strike has expanded its global money transfer service to the Philippines, tapping into the country's $12 billion remittance market, one of the largest in the world.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
