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

The Central Bank of the Philippines has approved a Philippine peso-pegged stablecoin, PHPC, designed to facilitate cost-effective remittances, backed by cash and equivalents from Philippine banks, initially to be rolled out on Coins.ph platforms with plans to expand to other platformsPHPC will be the first peso-backed stablecoin available for retail, offering real-time transactions 24/7.