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Philippine cryptocurrency exchange Coins.ph and Australia’s Stables Money have partnered to use Coins.ph’s Philippine peso-pegged PHPC stablecoin for remittances. The Philippine peso already makes up over a quarter of Stables Money’s send transactions.
Stables Money <a data-ct-non-breakable="null" href="https://finance.yahoo.com/news/australian-fintech-stables-launches-international-214300842.html" rel="null" target="null" text="null">entered</a> the Philippine market in March. The Philippines is the largest importer of remittances in Southeast Asia. Remittances to the country reached $34.9 billion in 2020, according to the World Bank.
<h2 id="gaming-stablecoin-moves-into-remittances">Gaming stablecoin moves into remittances</h2>
PHPC <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/philippines-central-bank-peso-stablecoin" rel="null" target="null" text="null">was admitted to the</a> Bangko Sentral ng Pilipinas’ regulatory sandbox in May and launched in July. It is backed by reserves held by Coins.ph. Stables Money CEO Bernardo Bilotta said:
<blockquote>
 “Recognizing the Philippines as a key player in global remittances, we expanded to deliver smooth PHP transactions. With 28.44% of our send transactions now in PHP, this move highlights our commitment to […] those sending money to the Philippines.”
</blockquote>
Stables Money has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mastercard-to-settle-transactions-for-stablecoin-wallet-in-apac" rel="null" target="null" text="null">collaborated with Mastercard</a> in the Asia-Pacific region since March 2023 to allow users of its card to spend USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="" target="_self" text="null">USDC</a>) wherever Mastercard is accepted. The partners <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoins-no-longer-for-crypto-natives-stables-co-founder" rel="null" target="null" text="null">expanded their activities</a> to Europe in July.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/usdc-stablecoin-issuer-partners-philippines" rel="null" target="null" text="null">USDC issuer partners with Philippines exchange to promote stablecoin</a>&nbsp;
Since its exit from the sandbox, PHPC has <a data-ct-non-breakable="null" href="https://roninchain.com/blog/posts/phpc-is-live-on-ronin" rel="null" target="null" text="null">launched</a> on the games-oriented Ronin network. It is traded on the Ronin-based Katana decentralized exchange, where it saw $3,430 in trading in the last 24 hours at the time of writing, <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/philippine-peso-coin" rel="null" target="null" text="null">according</a> to CoinGecko.
<h3 id="phpc-is-the-latest-in-a-string-of-launch-attempts">PHPC is the latest in a string of launch attempts</h3>
Given the size of the Philippine remittance market, it is unsurprising that there have been multiple attempts to launch a peso-pegged stablecoin. PHPC is experiencing notable success against that backdrop.
<figure>
 <img alt="Stables Money onboards Coins.ph's Philippine peso stablecoin&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919f66-3878-71d8-afa9-ba8800f83efe">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/coinsph/status/1828991521271754810" rel="nofollow noopener" target="_blank" text="null">Coins.ph</a>
 </figcaption>
</figure>
The Philippines’ UnionBank <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/philippines-unionbank-launches-payments-focused-stablecoin" rel="null" target="null" text="null">launched a similar</a> stablecoin in 2019. That stablecoin failed to find footing and is no longer issued. UnionBank subsidiary UnionDigital Bank <a data-ct-non-breakable="null" href="https://bitpinas.com/feature/unionbanks-uniondigital-to-launch-crypto-stablecoin-phd/" rel="null" target="null" text="null">attempted</a> to launch a Philippine peso stablecoin in 2022 but was apparently unsuccessful again.
UnionBank subsidiary UBX made another <a data-ct-non-breakable="null" href="https://bitpinas.com/business/ubx-php-stablecoin-polygon/" rel="null" target="null" text="null">attempt</a> to launch a peso-pegged stablecoin in March, launching the coin on the Polygon network. The current status of that project is unknown.
The Philippines’ Smart Citi Teknologi announced a partnership with Hong Kong-based Xtreme Business Enterprises and Coinllectibles to launch a peso-pegged stablecoin in May 2023, according to local news <a data-ct-non-breakable="null" href="https://www.philstar.com/business/2023/05/27/2269262/smart-citi-foreign-firms-partner-digital-technology-integration" rel="null" target="null" text="null">reports</a>. The current status of that project is unknown.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-city-guide-sydney-harbor-bridge-synthetix-finder/" rel="null" target="null" text="null">Crypto City guide to Sydney: More than just a ‘token’ bridge</a>
&nbsp;

Stables Money onboards Coins.ph's Philippine peso stablecoin

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