Coins.ph, the top cryptocurrency exchange in the Philippines with over 18 million users, has unveiled its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, the largest gaming blockchain by daily active users.

This launch is backed by the Bangko Sentral ng Pilipinas (BSP)'s approval to pilot PHPC under its Regulatory Sandbox Framework. PHPC is pegged to the Philippine Peso and fully backed by cash and cash equivalents in Philippine banks, ensuring a 1:1 redemption rate.

Coins.ph aims to boost transaction efficiency and cut costs for remittances, peer-to-peer transfers, merchant payments, and B2B transactions with PHPC.

Stressing the Philippines' prominence in web3 gaming adoption, Coins.ph CEO Wei Zhou emphasized the need to launch PHPC on Ronin, the largest web3 gaming blockchain globally. He also remarked, “Many Filipinos and Coins.ph customers rely on Ronin, and we are considering various collaborative initiatives for using PHPC in transfers, payments, trading, and more.”

Ronin, an EVM blockchain designed for developers of player-owned economy games, is home to leading Web3 games like Axie Infinity and Pixels, attracting millions of Filipino gamers. With PHPC deposits and withdrawals now open on Coins.ph and the Ronin Wallet, the team is preparing to list the PHPC/RON trading pair on Katana, a decentralized exchange on the Ronin network.

Jeff Zirlin, Sky Mavis Co-Founder and Chief Growth Officer, highlighted the Philippines' pivotal role in Web3 gaming and expressed his enthusiasm for Coins.ph’s launch of PHPC on Ronin. He noted that this launch will enable Ronin to extend its services beyond gaming into real-world payments and merchant transactions.

The joint mission of Coins.ph and Ronin is to offer Filipinos a seamless crypto experience for everyday use. The launch of PHPC on Ronin signifies the start of this journey. It aims to support millions of web3 gamers in the Philippines by making it easier to cash out in-game earnings, transfer funds, and use crypto for in-store transactions.

About Coins.ph

Launched in 2014, Coins.ph aims to drive the new internet by making digital assets and web3 products easily accessible. As the most established crypto brand in the Philippines, it has earned the trust of over 18 million users. The intuitive mobile app allows users to trade multiple cryptocurrencies and access a broad range of financial services.

Coins.ph operates under full regulation by the Bangko Sentral ng Pilipinas (BSP) and is the first crypto company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.