News Explorer — Central Bank in The Philippines Approves Peso-Backed Stablecoin Called PHPC

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May 14, 6:29 am

Coindesk

Central Bank in The Philippines Approves Peso-Backed Stablecoin Called PHPC

The Philippines' central bank has approved digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin called PHPC. The stablecoin will be backed by Coins.ph's cash and cash equivalents held in Philippine bank accounts. The pilot program will assess the benefits of the stablecoin in real-world applications and its impact on the existing financial ecosystem.

The Philippines' central bank has approved digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin called PHPC. The stablecoin will be backed by Coins.ph's cash and cash equivalents held in Philippine bank accounts. The pilot program will assess the benefits of the stablecoin in real-world applications and its impact on the existing financial ecosystem.

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