Filipino crypto exchange Coins.ph has joined forces with Sky Mavis, launching its Philippine Peso stablecoin PHPC on the Ronin blockchain.
Fully regulated and backed by the Philippine Central Bank (the Bangko Sentral ng Pilipinas), Coins.ph is set to pilot the PHPC stablecoin under the BSP’s Regulatory Sandbox Framework.
PHPC will join USDC as the second stablecoin on the Ronin blockchain.
Founded in 2014, Coins.ph claims over 18 million accounts in total, including 7 million monthly active users, which would be six percent of the Philippine’s 116 million total population.
Notably, the country has also played a major role in the growth of blockchain gaming, contributing significantly to the breakthrough of Sky Mavis’ flagship game Axie Infinity in late 2021.
Sky Mavis now hopes that providing the ability for users to cash-out in-game earnings, transfer funds or use crypto for in-store payments, PHPC on Ronin can become a valuable financial asset for millions of web3 gamers in the Philippines. With PHPC deposits and withdrawals now live on both Coins.ph and the Ronin Wallet, the team is also looking towards a future listing of PHPC/RON on the Ronin-based decentralized exchange Katana.
“With the Philippines being the epicenter of web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest web3 gaming chain in the world. Many Filipinos and Coins.ph customers use Ronin and there are a number of areas Ronin and Coins are looking to collaborate on when it comes to using PHPC for transfers, payments, trading and more,” commented Coins.ph CEO Wei Zhou.
“The Philippines is the beating heart of web3 gaming. We are thrilled that CoinsPH has decided to launch PHPC on Ronin. With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions,” said Sky Mavis co-founder Jeff Zirlin.
