Coins.ph announced that its PHPC stablecoin has graduated from the Philippines regulatory sandbox operated by the central bank, Bangko Sentral ng Pilipinas (BSP). It joined the sandbox in April 2024 and expected to exit in June the same year, so it’s taken a little longer than planned.
As one of the main crypto outlets in the Philippines, Coins.ph has been involved in remittances for years, but a local currency stablecoin could accelerate that significantly.
For stablecoins, the sweet spot mainstream use case is emerging market cross border payments, where the country fits the bill. Emerging market bank payments often involve multiple hops, adding both cost and delays. By contrast, a dollar stablecoin could be sent directly to a Coins.ph wallet and then convert to PHPC.
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