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Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption
The Ronin Network has announced the integration of PHPC, a Philippine peso-pegged stablecoin, onto its platform. This development was shared on Ronin’s X (formerly Twitter) account, highlighting the technical collaboration with Coins.ph, a prominent Philippine crypto trading platform.
The introduction of PHPC follows its approval by the Central Bank of the Philippines in May, with the primary goal of facilitating more affordable remittances. Coins.ph, a Filipino crypto exchange, has partnered with Sky Mavis to launch PHPC on the Ronin blockchain.
This stablecoin is fully regulated and endorsed by the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank. As part of its rollout, Coins.ph will pilot PHPC under the BSP’s Regulatory Sandbox Framework, ensuring a controlled and monitored introduction to the market.
Impact and Potential of PHPC in the Philippine Crypto Ecosystem
The introduction of PHPC marks a significant milestone for the Ronin blockchain, as it becomes the second stablecoin available on the platform alongside USDC. This development is particularly noteworthy given the Philippines’ substantial role in blockchain gaming, especially in popularizing Sky Mavis’ Axie Infinity game in late 2021.
Coins.ph, founded in 2014, boasts an impressive user base of over 18 million accounts, including 7 million monthly active users – representing about 6% of the Philippines’ 116 million population. Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers in the Philippines, enabling them to cash out in-game earnings, transfer funds, and make in-store payments using crypto.
The implementation of PHPC is already underway, with deposits and withdrawals now active on both Coins.ph and the Ronin Wallet. Future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange. PHPC is backed by cash and equivalents from Philippine banks, ensuring its stability and reliability. Initially launched on the Coins.ph platform, there are plans to expand its availability to other platforms, positioning PHPC as a peso-backed stablecoin for retail use, offering round-the-clock real-time transactions.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
Regulatory Landscape and Government Oversight in Philippine Crypto Market
While the crypto market in the Philippines is experiencing growth and innovation, it’s also facing increased regulatory scrutiny. In March, the National Telecommunications Commission (NTC) of the Philippines initiated efforts to restrict access to crypto trading platforms operating without proper licenses. This action was prompted by the Securities and Exchange Commission (SEC) and demonstrates the government’s commitment to protecting investors and combating illicit financial activities within the country.
The regulatory crackdown began on February 21st when the NTC ordered internet service providers to block websites and apps associated with MiTrade and OctaFX. These companies were accused of conducting investment activities without obtaining the necessary licenses from regulatory authorities. This move signifies a tightening of control over the crypto market regulation in the Philippines, aimed at ensuring a safer and more compliant digital asset ecosystem.
Ronin Software Update
Ronin has rolled out version 2.4.0 of its Mobile Wallet for iOS and Android devices, introducing significant new features. The update includes custom RPC, gas fee, and nonce settings, giving users more control over their transactions. It also adds support for manual NFT addition and a new single-chain mode for streamlined usage.
The release enhances user flexibility and customization options, reflecting Ronin’s commitment to evolving its platform. Along with these major additions, the update includes various improvements and bug fixes to boost overall performance. Users are encouraged to download the latest version to access these new features and enhancements, improving their experience with the Ronin ecosystem.
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