PHPC, an Ethereum-based stablecoin created by Coins.ph, is now available on Ronin, allowing local blockchain game players to use their in-game earnings and funds to pay for goods and services within the country. PHPC is pegged to the Philippine Peso at a 1:1 ratio. The exchange also acts as the liquidity sponsor of PHPC, maintaining a reserve pool consisting of cash and other traditional financial instruments.
In a July 8 blog announcement, Ronin said that users would soon be able to exchange the stablecoin on Katana, a decentralized exchange on the Ronin network, although no time frame was given. According to Ronin, the Philippines remains “one of the biggest sectors of the Axie and Ronin community” and PHPC will open up new use cases for sidechain players in the country.
In early May, the Philippine Securities and Exchange Commission announced its readiness to introduce a regulatory framework for the cryptocurrency market in the second half of 2024. According to SEC Chairman Emilio B. Aquino, the guidelines aim to regulate cryptocurrency trading in the country while ensuring the safety of investors.
Image: AcryptoInvest
