Philippines' Central Bank Gives Approval to Coins.ph to Pilot Stablecoin in Key Remittance Market

Philippines’ Central Bank Gives Approval to Coins.ph to Pilot Stablecoin in Key Remittance Market


Philippines’ central bank, under a sandbox, has given its approval to Coins.ph to pilot a Philippine Peso-backed stablecoin. The pilot will assess the benefits of the stablecoin in “real-world applications.”

Philippines’ central bank has given its approval to digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin called PHPC, the company said last week.

The program will come under the BSP’s Regulatory Sandbox Framework and will be backed by Coins.ph’ cash and cash equivalents held in Philippine bank accounts, the announcement said. The pilot will assess the benefits of the stablecoin in “real-world applications while monitoring its impact on the existing financial ecosystem.”

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