Coins.ph is set to introduce its peso-pegged stablecoin, PHPC, on international exchanges following its upcoming launch next month. CEO Wei Zhou announced this plan during BitPinas Webcast 50, in a conversation with Lawrence Linker from XD Academy.
Wei Zhou
“We hope to get it ready by the first or second of June and I think we’re going to open up trading pairs for it and we’re also talking to non-Philippines exchanges to see if they can list it,”
Wei Zhou said.
Coins.ph recently received approval from the Bangko Sentral ng Pilipinas (BSP) to launch PHPC, and is expected to be made available for retail use in the coming months. An early public test phase is scheduled to begin in early June 2024.
CEO Wei Zhou mentioned in the that the main use cases for stablecoins currently are trading and payments, and the company plans to significantly focus on both areas.
“I think the biggest use cases for stablecoins today are still trading and payments; we are going to go big into both of those use cases,”
he said to Lawrence Linker.
The stablecoin is expected to provide considerable benefits for remittance transactions, aiming to reduce both costs and time for Filipinos sending funds to their families from overseas.
Additionally, PHPC will enable 24/7 real-time peso transactions, offering greater flexibility, lower costs, and rapid settlements for individuals and businesses alike.
Previous attempts to introduce peso-pegged stablecoins in the Philippines include Bitspark’s peg.PHP in 2019 before Bitspark’s untimely closure curtailed that project, UnionBank’s PHX stablecoin for cross-border transactions, followed by its digital bank subsidiary UnionDigital Bank’s PHD stablecoin, and C Pass Inc.’s C-Peso initiative.
More recently, DA5 announced PHMU in 2023 in collaboration with Gurufin, and UBX revealed plans for a peso-based stablecoin on Polygon PoS in March 2024.
Featured image credit: Edited from Freepik
