Philippines’ Central Bank Sanctions Stablecoin Pilot by Coins.ph

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The Philippines’ Central Bank has approved the digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin, PHPC. The pilot will assess the stablecoin’s benefits in real-world applications and monitor its impact on the existing financial ecosystem. The program is part of the BSP’s Regulatory Sandbox Framework, supported by Coins.ph’s cash and equivalents held in Philippine bank accounts. Coins.ph CEO Wei Zhou stated during a press briefing that they received approval to publicly test the stablecoin in April and plan to make it available on the platform by early June.