- PHPC stablecoin on Ronin boosts affordable remittances, regulated by the Philippine Central Bank and launched with Coins.ph.
- Ronin Network integrates PHPC, a peso-pegged stablecoin, enhancing financial tools for 18M+ Coins.ph users and web3 gamers.
- Regulatory scrutiny rises as NTC blocks unlicensed crypto platforms, ensuring a safer and compliant digital asset market in the Philippines.
The Ronin Network has integrated PHPC, a stablecoin pegged to the Philippine peso, onto its platform. This update was shared on Ronin’s X (formerly Twitter) account. The integration follows a technical collaboration with Coins.ph, a leading Philippine crypto trading platform.
Central Bank Approval and Regulatory Oversight
The Central Bank of the Philippines approved PHPC in May. The main goal is to facilitate more affordable remittances. Coins.ph partnered with Sky Mavis to launch PHPC on the Ronin blockchain. The stablecoin is fully regulated and endorsed by the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank. Coins.ph will pilot PHPC under the BSPâs Regulatory Sandbox Framework. This ensures a controlled and monitored market introduction.
Now that PHPC is the second stablecoin on the Ronin blockchain, after USDC, it may make significant advancements in the system. The Philippines has a substantial blockchain gaming market. However, it improved Sky Mavis’s Axie Infinity game in late December 2021. Coins.ph, which debuted in 2014, has 18 million accounts and 7 million Monthly Active Users (MAUs). This amounts to roughly 6% of the country’s 116 million citizens.
Sky Mavis envisions PHPC on Ronin as a valuable financial asset for web3 gamers in the Philippines. They can cash out in-game earnings, transfer funds, and make in-store payments using crypto. The implementation of PHPC is already underway. Deposits and withdrawals are now active on both Coins.ph and the Ronin Wallet.
Future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange. PHPC is backed by cash and equivalents from Philippine banks, ensuring stability and reliability. Initially launched on Coins.ph, there are plans to expand its availability to other platforms. PHPC aims to be a peso-backed stablecoin for retail use, offering real-time transactions around the clock.
Increased Regulatory Scrutiny in the Crypto Market
Nonetheless, there is now more regulation on the Philippines’ bitcoin industry. This was after the NTC coordinated with different Internet Service Providers in March to block unauthorized cryptocurrency trading platforms. The Securities and Exchange Commission (SEC) has occasioned this action, which shows the governmentâs intention to safeguard investor assets and prevent and punish unlawful operations.
The regulatory crackdown began on February 21st. The NTC ordered internet service providers to block websites and apps associated with MiTrade and OctaFX. These companies were conducting investment activities without necessary licenses. This move signifies tighter control over crypto market regulation. It aims to ensure a safer and more compliant digital asset ecosystem in the Philippines.
The integration of PHPC onto Ronin reflects a significant step for the crypto market. Besides, it highlights the growing intersection between blockchain technology and traditional finance in the Philippines.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
