Philippine Central Bank Approves Peso-Pegged Stablecoin for Faster Remittances

The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has approved PHPC, a stablecoin pegged to the Philippine peso, aimed at facilitating cost-effective remittances. Crypto exchange Coins.ph, the stablecoin issuer, plans to attract 20,000 to 30,000 users in the first month. The PHPC will be the first peso-backed stablecoin available for retail use, offering 24/7 real-time transactions. It is backed by cash and equivalents in Philippine banks and will initially launch on the Coins.ph platform, with plans to expand to other platforms.