Expansion of PHPC Stablecoin to Ronin Network
Coins.ph, a Filipino cryptocurrency exchange, has extended the reach of its Ethereum-based stablecoin, PHPC, to the Ronin network.
This strategic decision, announced on July 8 by the Ronin team, is aimed at facilitating seamless utilization of in-game earnings by local blockchain gamers for real-world transactions within the Philippines.
PHPC is designed to maintain a 1:1 peg with the Philippine Peso, supported by a reserve pool of cash and conventional financial instruments managed by Coins.ph. The introduction of this stablecoin to Ronin, known for hosting popular blockchain games like Axie Infinity, is projected to unlock new possibilities for the considerable Axie and Ronin community in the country.
Moreover, the Ronin team has unveiled intentions to list PHPC on Katana, its native decentralized exchange. Although no specific timeline has been disclosed, this integration is anticipated to enrich the functionality of in-game assets and streamline the conversions between virtual and real-world economies.
These recent advancements underscore the growing significance of the Philippines in embracing and integrating blockchain technology and cryptocurrencies, especially within the gaming sector and daily financial operations. Additionally, the integration of stablecoins into routine financial transactions in the Philippines is gaining momentum.
Noteworthy is the rollout of PHPC on the Ronin network following a recent initiative by stablecoin issuer Tether, enabling Philippine citizens to make Social Security System (SSS) contributions using USDT on the Open Network blockchain. This initiative emerged from a collaborative effort between Web3 shopping and Uquid, an infrastructure firm, aimed at showcasing the practical utility of USDT in everyday transactions and digital commerce.
Tran Hung, the CEO of Uquid, emphasized the partnership with Tether as a significant stride towards normalizing digital currencies in daily interactions, establishing new benchmarks for digital transaction convenience.
Meanwhile, these advancements coincide with the Philippine Securities and Exchange Commission (SEC) gearing up to introduce a regulatory framework for cryptocurrencies in the latter half of 2024. SEC Chair Emilio B. Aquino has underscored that these guidelines will strive to strike a balance between market regulation and safeguarding investor interests.
These developments signify a progressive shift towards the widespread adoption of digital assets and the regulatory evolution of the cryptocurrency landscape within the Philippines.
