Philippines Approves First Peso Stablecoin PHPC, Reshaping Fiat On-Ramp Competition?
The Philippines’ approval of its first peso-backed stablecoin, PHPC (Philippine Peso Coin), marks a significant step in the country’s digital currency landscape. Launched by local fintech company Coins.ph and approved by the Bangko Sentral ng Pilipinas (BSP), PHPC is pegged 1:1 to the Philippine peso, aiming to provide a low-cost, efficient solution for digital payments and cross-border remittances. Below is an analysis of this development and its impact on the competitive landscape of fiat on-ramps.