Developed by the Philippines’ crypto exchange Coins.ph, the PHPC stablecoin tied to the Philippine Peso has made its way to Ronin. PHPC, an Ethereum-based stablecoin, is now available on Ronin, enabling local blockchain game players to use their in-game earnings and funds to pay for goods and services within the country.
In a July 8 blog announcement, Ronin said the addition will soon allow the network’s users to exchange the stablecoin on Katana, a decentralized exchange on the Ronin network, though no timeframe was provided. Ronin highlighted that the Philippines remains “one of the biggest sectors of the Axie and Ronin community,” adding that PHPC will open new use-cases for players in the country on the sidechain.
PHPC is tied at a 1:1 ratio to the Philippine Peso and supported by Coins.ph, which maintains a reserve pool of cash and traditional financial instruments. This development could simplify fund transfers and payouts for managers and guild leaders, enhancing the gaming ecosystem.
In early May, the Philippine Securities and Exchange Commission indicated plans to introduce a regulatory framework for the crypto market by mid-2024. This aims to regulate crypto trading while ensuring investor security. The integration of PHPC on Ronin signifies a significant stride in the adoption of stablecoins within the gaming sector, potentially transforming financial transactions in the Philippines.
