Manila, Philippines – July 08, 2024 – Coins.ph, the leading cryptocurrency exchange in the Philippines with over 18 million users, has launched its Philippine peso (PHP) stablecoin, PHPC, on Ronin, the world’s largest gaming blockchain by daily active users (DAU).
This follows the recent approval from the Philippine central bank, the Bangko Sentral ng Pilipinas (BSP), allowing Coins.ph to pilot a Philippine peso backed stablecoin under the BSP’s Regulatory Sandbox Framework.
According to Coins.ph, PHPC is a stablecoin pegged to the country’s local currency, the Philippine peso, and is fully backed by cash and cash equivalents in Philippine bank accounts. This peg ensures users to reliably redeem this type of stablecoin 1:1 for Philippine peso.
With PHPC, Coins.ph aims to enhance efficiency and reduce costs of transactions and payments including sending remittances, peer-to-peer transfers, merchant payments and B2B transactions.
“With the Philippines being the epicenter of web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest web3 gaming chain in the world,” said Wei Zhou, chief executive officer (CEO) of Coins.ph. “Many Filipinos and Coins.ph customers use Ronin and there are a number of areas Ronin and Coins are looking to collaborate on when it comes to using PHPC for transfers, payments, trading and more.”
Ronin is an Ethereum virtual machine (EVM) blockchain crafted for developers building games with player-owned economies and is the home to popular Web3 games including Axie Infinity and Pixels, which have captivated millions of Filipino gamers.
With deposits and withdrawals for PHPC now open on both Coins.ph and the Ronin Wallet, the team is setting its sights on a future listing of PHPC/RON on Katana, a decentralized exchange (DEX) on the Ronin blockchain.
“The Philippines is the beating heart of Web3 gaming. We are thrilled that CoinsPH has decided to launch PHPC on Ronin. With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions,” said Jeff Zirlin, Co-Founder and Chief Growth Officer at Sky Mavis.
The partnership between Coins.ph and Ronin is anchored on a shared mission to provide Filipinos with a seamless experience when using crypto for everyday transactions. Making PHPC available on Ronin is just the beginning of this journey. Whether cashing out in-game earnings, transferring funds or even using crypto for in-store payments, PHPC on Ronin can become the vehicle that enables these use cases at scale for millions of web3 gamers in the Philippines.