Philippines' Central Bank Gives Approval to Coins.ph to Pilot Stablecoin in Key Remittance Market

Philippines’ central bank has given its approval to digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin called PHPC, the company said last week. The program will come under the BSP’s Regulatory Sandbox Framework and will be backed by Coins.ph’ cash and cash equivalents held in Philippine bank accounts, the announcement said. Coins.ph chief executive officer Wei Zhou, who was previously Binance’s Chief Financial Officer, told a press. The Philippines has recently blocked Binance from operating in the nation and said that it would issue a wholesale central bank digital currency (CBDC) within two years while avoiding a retail CBDC.

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