PHPC Stablecoin Developed by Coins.ph Makes Its Way to Ronin Network

PHPC, an Ethereum-based stablecoin created by Coins.ph, is now available on Ronin, enabling local blockchain game players to use their in-game earnings

The PHPC stablecoin, which is pegged 1:1 to the Philippine Peso and was created by Coins.ph, a Philippine crypto exchange, has now been added to Ronin.

This will enable local blockchain game players to utilize their in-game funds and earnings to pay for various goods and services within the country.

In a blog announcement on July 8, Ronin stated that this addition will soon allow the network’s users to trade the stablecoin on Katana, a decentralized exchange on the Ronin network. However, no specific timeframe was provided for this integration.

According to Ronin, the Philippines remains one of the largest sectors of the Axie and Ronis community, and PHPC will introduce new use cases for players in the country on the sidechain.

“Managers and guild leaders from other countries will also be able to send PHPC to their scholars, making it easier to transfer funds and processing payouts.”

PHPC is pegged at a 1:1 ratio to the Philippine Peso and is available on Ronin.

According to the announcement, PHPC is pegged at a 1:1 ratio to the Philippine Peso and is supported by the Bangko Sentral ng Pilipinas. The exchange also acts as a liquidity provider for PHPC, maintaining a reserve pool that includes cash and other traditional financial instruments.

In early May, the Philippine Securities and Exchange Commission (SEC) indicated its intention to introduce a regulatory framework for the crypto market in the second half of 2024.

According to SEC Chairman Emilio B. Aquino, the guidelines aim to regulate crypto trading in the nation while prioritizing investor protection.