In collaboration with Coins.ph and under Bangko Sentral ng Pilipinas regulation, the Ronin Network includes PHPC, a Philippine peso-pegged stablecoin, to promote affordable remittances and crypto adoption in the Philippines.
The Ronin Network has announced the addition of PHPC, a Philippine peso-pegged stablecoin, to its platform.
Ronin’s X (formerly Twitter) account announced this development, emphasizing the technical partnership with Coins.ph, a prominent Philippine crypto trading platform.
PHPC’s introduction is the result of its approval by the Central Bank of the Philippines in May, with the primary objective of enabling more affordable remittances.
Coins.ph, a crypto exchange based in the Philippines, has formed a partnership with Sky Mavis to introduce PHPC on the Ronin blockchain.
The Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank, has completely endorsed and regulated this stablecoin.
To guarantee a controlled and monitored market introduction, Coins.ph will pilot PHPC under the BSP’s Regulatory Sandbox Framework as part of its distribution phase.
Impact and Potential of PHPC in the Philippine Crypto Ecosystem
The Ronin blockchain has achieved a significant milestone with the introduction of PHPC, which serves as the second stablecoin on the platform, following USDC.
This development is particularly remarkable given the Philippines’ significant participation in blockchain gaming, particularly the popularization of Sky Mavis’ Axie Infinity game in late 2021.
Founded in 2014, Coins.ph has an impressive user base of over 18 million accounts, including 7 million monthly active users. This figure represents approximately 6% of the Philippines’ 116 million population.
Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers in the Philippines, allowing them to redeem in-game earnings, transmit funds, and make in-store payments using crypto.
Deposits and withdrawals are currently operating on both Coins.ph and the Ronin Wallet, indicating that PHPC implementation is currently occurring.
Moreover, future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange.
With the backing of cash and equivalents from Philippine institutions, PHPC guarantees its stability and dependability.
Initially introduced on the Coins.ph platform, there are plans to broaden the availability of PHPC to other platforms. This will establish PHPC as a peso-backed stablecoin bac for retail use, providing real-time transactions continuously.
Regulatory Landscape and Government Oversight in Philippines Crypto Market
While the crypto sector in the Philippines is expanding and innovating, it is also under heightened regulatory scrutiny.
In March, the National Telecommunications Commission (NTC) of the Philippines made an effort to restrict access to crypto trading platforms that were operating without the appropriate licenses.
The Securities and Exchange Commission (SEC) was the catalyst for this action, which underscores the government’s commitment to safeguarding investors and combating illicit financial activities within the nation.
The regulatory crackdown began on February 21st when the NTC ordered internet service providers to prohibit websites and apps linked to MiTrade and OctaFX.
Meanwhile, the regulatory authorities accused these companies of engaging in investment activities without procuring the requisite licenses.
This move represents a consolidation of control over the regulation of the crypto market in the Philippines, aimed at enhancing the safety and compliance of the digital asset ecosystem.
Ronin Software Update
Ronin has released version 2.4.0 of its Mobile Wallet for iOS and Android devices, which includes significant new features.
The update provides users with increased control over their transactions by incorporating custom RPC, gas fee, and nonce settings.
However, it also includes a new single-chain mode for streamlined usage and support for manual NFT addition.
The release improves user flexibility and customization options, which reflects Ronin’s commitment to the further development of its platform.
Furthermore, the update includes various improvements and bug fixes to enhance overall performance, in addition to these significant additions.
By downloading the most recent version, users can access these new features and enhancements, thereby enhancing their experience with the Ronin ecosystem.