Philippines Central Bank Approves PHPC Stablecoin

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has given the green light to PHPC, a stablecoin pegged to the Philippine peso. The initiative aims to streamline remittance processes, making them more cost-effective. Coins.ph, a cryptocurrency exchange, is the stablecoin issuer, with plans to onboard 20,000 to 30,000 users within the initial month.

PHPC marks the first retail-use peso-backed stablecoin, offering 24/7 real-time transactions. It is collateralized by cash and equivalents in Philippine banks and will debut on the Coins.ph platform initially, with future expansion plans.

The BSP’s approval signifies a significant step in leveraging blockchain technology for financial inclusion and remittance efficiency in the Philippines.