{"id":83591,"date":"2024-07-08T07:55:47","date_gmt":"2024-07-08T11:55:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83591"},"modified":"2024-07-08T07:56:44","modified_gmt":"2024-07-08T11:56:44","slug":"ronin-network-introduces-phpc-stablecoin-to-enhance-filipino-crypto-adoption","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ronin-network-introduces-phpc-stablecoin-to-enhance-filipino-crypto-adoption\/","title":{"rendered":"Ronin Network Introduces PHPC Stablecoin to Enhance Filipino Crypto Adoption"},"content":{"rendered":"\n

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<\/a> in the Philippines.<\/p>\n\n\n\n

\"Ronin<\/figure>\n\n\n\n

The Ronin Network has announced the addition of PHPC, a Philippine peso-pegged stablecoin, to its platform.<\/p>\n\n\n\n

Ronin's X (formerly Twitter) account announced this development, emphasizing the technical partnership with Coins.ph, a prominent Philippine crypto trading platform.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Coins.ph, a crypto exchange based in the Philippines, has formed a partnership with Sky Mavis to introduce PHPC on the Ronin blockchain.<\/p>\n\n\n\n

The Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank, has completely endorsed and regulated this stablecoin.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Impact and Potential of PHPC in the Philippine Crypto Ecosystem<\/h2>\n\n\n\n

The Ronin blockchain\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has achieved a significant milestone with the introduction of PHPC, which serves as the second stablecoin on the platform, following USDC.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers<\/a> in the Philippines, allowing them to redeem in-game earnings, transmit funds, and make in-store payments using crypto.<\/p>\n\n\n\n

Deposits and withdrawals are currently operating on both Coins.ph and the Ronin Wallet, indicating that PHPC implementation is currently occurring.<\/p>\n\n\n\n

Moreover, future plans include a potential listing of PHPC\/RON on Katana, the Ronin-based decentralized exchange.<\/p>\n\n\n\n

With the backing of cash and equivalents from Philippine institutions, PHPC guarantees its stability and dependability.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Regulatory Landscape and Government Oversight in Philippines Crypto Market<\/h2>\n\n\n\n

While the crypto sector in the Philippines is expanding and innovating, it is also under heightened regulatory scrutiny.<\/p>\n\n\n\n

In March, the National Telecommunications Commission (NTC)<\/a> of the Philippines made an effort to restrict access to crypto trading platforms that were operating without the appropriate licenses.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The regulatory crackdown began on February 21st when the NTC ordered internet service providers to prohibit websites and apps linked to MiTrade and OctaFX.<\/p>\n\n\n\n

Meanwhile, the regulatory authorities accused these companies of engaging in investment activities without procuring the requisite licenses.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Ronin Software Update<\/h2>\n\n\n\n

Ronin has released version 2.4.0 of its Mobile Wallet for iOS and Android devices, which includes significant new features.<\/p>\n\n\n\n

The update provides users with increased control over their transactions by incorporating custom RPC, gas fee, and nonce settings.<\/p>\n\n\n\n

However, it also includes a new single-chain mode for streamlined usage and support for manual NFT addition.<\/p>\n\n\n\n

The release improves user flexibility and customization options, which reflects Ronin's commitment to the further development of its platform.<\/p>\n\n\n\n

Furthermore, the update includes various\u00a0improvements\u00a0and bug fixes to enhance overall performance, in addition to these significant additions.<\/p>\n\n\n\n

By downloading the most recent version, users can access these new features and enhancements, thereby enhancing their experience with the Ronin ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":56,"featured_media":83599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12081,8725,1531],"class_list":["post-83591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-philippines-2","tag-ronin-network-2","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/Ronin-Network-Introduces-PHPC-Stablecoin-to-Enhance-Filipino-Crypto-Adoption.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83591"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83599"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}