The Central Bank of the Philippines has approved the peso-pegged stablecoin PHPC.

The Central Bank of the Philippines has approved PHPC, a stablecoin pegged to the Philippine peso and designed to facilitate cost-effective remittances. Stablecoin issuer Cryptocurrency Exchange Coins.ph plans to attract between 20,000 and 30,000 users in the first month. PHPC will be the first peso-backed stablecoin available for retail use, offering 24/7 real-time transactions. It is backed by cash and equivalents from the Bank of the Philippines and will initially launch on Coins.ph platforms with plans to expand to other platforms.