Philippines central bank approves pilot program for Philippine peso-backed stablecoin PHPC in partnership with Coins.ph.

The Philippines central bank (BSP) has approved a pilot program for a Philippine peso-backed stablecoin, PHPC, in partnership with crypto wallet provider Coins.ph. The program aims to test the stablecoin's impact on local fiat ecosystem, and its potential uses include payments, trading, hedging, and DeFi applications. The testing duration will last 3-12 months, and the results will determine PHPC's transition to real-world usage. Unionbank previously launched a similar stablecoin, PHX, in 2019.

May 13, 2024
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