Philippines Grants Approval for Coins.ph's Peso-Backed Stablecoin Pilot

Coins.ph, a digital currency exchange in the Philippines, has received approval from the country's central bank to conduct a pilot program for its Philippine Peso-backed stablecoin, PHPC. The approval was granted under the regulatory sandbox framework of the Bangko Sentral ng Pilipinas (BSP), allowing Coins.ph to test the stablecoin's real-world applications and assess its impact on the existing financial ecosystem.

The PHPC stablecoin will be backed by Coins.ph's cash and cash equivalents held in Philippine bank accounts, ensuring that it maintains a value pegged to the Philippine Peso. The company plans to make the stablecoin available on its platform by early June.

Coin's.ph CEO Wei Zhou stated that the pilot program's performance will be closely monitored. If certain metrics are met, Coins.ph expects to obtain full approval, allowing them to transition out of the regulatory sandbox and operate the stablecoin on a larger scale.