Ronin Network Integrates PHPC Stablecoin, Sending RON Token 6% Higher

The Ronin Network has integrated PHPC stablecoin on its platform, leading to a 6% surge in its native token RON.

Major cryptocurrency integration news emerged on Friday as the Ronin Network announced the launch of PHPC stablecoin on its platform. The integration led to a 6% surge in the native token of the Ethereum sidechain, RON.

The development was announced by Ronin Network on the social media platform X. The launch of PHPC stablecoin on Ronin marks a significant step for the Ethereum sidechain, which was created by Sky Mavis.

PHPC Stablecoin Launched To Boost Affordable Remittances In The Philippines

The partnership with Coins.ph first introduced PHPC, the first regulated peso-pegged stablecoin in the Philippines. Notably, Coins.ph is a leading Filipino crypto trading platform with 18 million user accounts and 7 million monthly active users, covering around 6% of the Philippines’ 116 million population.

Bangko Sentral ng Pilipinas (BSP) approved PHPC in May. A reserve pool of cash and other financial instruments ensures its stability. The stablecoin aims to make remittances more affordable, which is crucial for many Filipinos who rely on money sent from family members abroad. This measure aligns with BSP’s Regulatory Sandbox Framework, which oversees PHPC’s rollout.

PHPC Launch Simplifies Transactions In The Philippines

As per the official announcement, PHPC will enable fast, low-cost transactions with on-chain Pesos. It will support peer-to-peer transfers, merchant payments, remittances, and business payments.

This development is expected to simplify financial operations in a country where remittances are a major part of the economy.

RON Token Surges After PHPC Integration

Following the announcement, the RON token surged by over 6%, trading around $1.77 at the time of writing. According to CoinMarketCap data, the trading volume of RON also increased by 60% in the past 24 hours.

Currently ranked as the 96th largest cryptocurrency by market capitalization, RON reached an all-time high of $4.5 in March.

Alongside the PHPC integration, Ronin also launched version 2.4.0 of its Mobile Wallet for iOS and Android devices. The update includes custom RPC, gas fee, and nonce settings, offering users more control over their transactions. It also supports manual NFT addition and a new single-chain mode for streamlined use.

Moreover, the implementation of PHPC is still ongoing. Currently, deposits and withdrawals are active on both Coins.ph and Ronin Wallet. Additionally, there are plans to list the PHPC/RON trading pair on Katana. Notably, Katana is the Ronin-based decentralized exchange. This will offer more trading options for users.