Stables Money Adds Coins.ph's Philippine Peso Stablecoin

August 30, 2024 07:54 PM AEST | By Team Kalkine Media

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Stables Money Adds Coins.ph's Philippine Peso Stablecoin — Image source: shutterstock

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Stables Money, a significant player in the remittance sector, is set to enhance its services by integrating Coins.ph’s Philippine peso-pegged PHPC stablecoin. This partnership aims to streamline remittance transactions to the Philippines, a country that is a major recipient of international remittances. Stables Money, which entered the Philippine market in March, already processes a substantial portion of its transactions in Philippine pesos, accounting for over a quarter of its total send transactions.

The Philippines stands as the largest importer of remittances in Southeast Asia, with remittances totaling approximately $34.9 billion in 2020, as reported by the World Bank. In response to the high demand for efficient remittance services, Stables Money and Coins.ph are leveraging the PHPC {stablecoin} to optimize and secure these financial transfers.

The PHPC stablecoin, which received regulatory approval from the Bangko Sentral ng Pilipinas (BSP) in May and officially launched in July, is designed to facilitate transactions with stability and reliability. Since its introduction, PHPC has been integrated into the Ronin network, a gaming-oriented blockchain platform. It is actively traded on the Ronin-based Katana decentralized exchange, where it has recently seen trading activity.

Stables Money has also been collaborating with Mastercard since March 2023, enabling users to spend USD Coin (USDC) wherever Mastercard is accepted. This partnership, which expanded to Europe in July, complements Stables Money’s efforts to enhance its service offerings.

The introduction of PHPC follows several previous attempts to establish peso-pegged stablecoins in the Philippines. Notable efforts include UnionBank’s stablecoin launched in 2019, which ultimately failed to gain traction and is no longer in circulation. UnionDigital Bank, another UnionBank subsidiary, also attempted to introduce a peso stablecoin in 2022 but did not succeed. Furthermore, UBX, another UnionBank subsidiary, launched a peso-pegged stablecoin on the Polygon network in March 2023, though its current status remains unclear.

Additionally, Smart Citi Teknologi has announced a collaboration with Hong Kong-based Xtreme Business Enterprises and Coinllectibles to launch a peso-pegged stablecoin in May 2023. The status of this initiative is also currently unknown.

The success of PHPC amidst these various attempts underscores its potential in meeting the evolving needs of the Philippine remittance market.

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