Philippine Central Bank OKs Peso-Pegged Stablecoin Pilot Via Local Crypto Brand

Coins.ph will implement the pilot and it will be assessed by the central bank for functionality and case uses. (Credit: Coins.ph Website/Screenshot)

KEY POINTS

• The PHPC is directly pegged to the Philippine Peso and will be backed by Coins.ph's bank-held cash
• The BSP will monitor the pilot for functionality and benefits in real-world applications
• The Philippines doesn't have a regulatory framework that caters to various subsectors in the crypto industry

The Philippine central bank has given the green light for local cryptocurrency company Coins.ph to pilot a Philippine Peso-pegged stablecoin called PHPC, marking a significant step in the country's transition toward regulated digital assets.