Coins.ph, a Filipino crypto exchange, has expanded its Ethereum-based stablecoin PHPC to the Ronin network.
This move, announced on July 8 by the Ronin team, aims to provide local blockchain gamers with a seamless way to use their in-game earnings for real-world transactions within the Philippines.
PHPC maintains a 1:1 peg with the Philippine Peso, backed by a reserve pool of cash and traditional financial instruments managed by Coins.ph. The stablecoin’s introduction to Ronin, home to popular blockchain games like Axie Infinity, is expected to create new opportunities for the Philippines’ substantial Axie and Ronin community.
The Ronin team also revealed plans to list PHPC on Katana, its native decentralized exchange, though no specific timeline has been provided. This integration is poised to enhance the utility of in-game assets and facilitate easier conversions between virtual and real-world economies.
These developments underscore the Philippines’ emerging role in the adoption and integration of blockchain technology and cryptocurrencies, particularly in gaming and everyday financial services and the growing integration of stablecoins into everyday financial transactions in the Philippines.
Notably, the PHPC launch on the Ronin network follows a recent initiative by stablecoin issuer Tether that allows Philippine citizens to pay their Social Security System (SSS) contributions using USDT on the Open Network blockchain. The initiative was part of a collaboration between Web3 shopping and the infrastructure firm Uquid geared towards demonstrating the practical utility of USDT in everyday transactions and digital commerce.
Tran Hung, Uquid’s CEO, highlighted the partnership with Tether as a significant step towards normalizing digital currencies in daily life, setting new standards for convenience in digital transactions.
Meawhile, these developments comes as the Philippine Securities and Exchange Commission (SEC) prepares to introduce a regulatory framework for cryptocurrencies in the latter half of 2024. The SEC Chair Emilio B. Aquino has emphasized that these guidelines will aim to balance market regulation with investor protection.
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