Coins.ph to Trial Stablecoin in Philippines’ Remittance Market, Here’s Why

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Approval of Coins.ph’s stablecoin trial signals the Philippines’ openness to blockchain innovation.
PHPC could enhance remittance efficiency, benefiting both senders and recipients.
Amidst regulatory changes, digital payment firms vie for a stake in the Philippines’ remittance market.

The financial realm of the Philippines stands on the brink of change as the central bank gives the green light to Coins.ph to experiment with a groundbreaking stablecoin in the nation’s crucial remittance market. This decision represents a noteworthy progression in the quest to update the remittance sector, which ranks among the largest globally, aiming to boost its effectiveness and accessibility.

Coins.ph, known for its digital currency exchange services, is preparing to introduce PHPC, a stablecoin linked to the Philippine Peso. This comes after receiving approval from the Bangko Sentral ng Pilipinas (BSP). Under the BSP’s Regulatory Sandbox Framework, the stablecoin will be backed by Coins.ph’s reserves held in Philippine bank accounts, ensuring stability and reliability.

Led by Wei Zhou, formerly Binance’s Chief Financial Officer, Coins.ph aims to introduce PHPC to its p…

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