The test aims to evaluate the PHPC stablecoin’s real-world performance, its impact on the local fiat ecosystem, and its potential uses, including payments, trading and DeFi applications.
The Philippines central bank will begin controlled trials of a national stablecoin pegged 1:1 to the local peso.
Bangko Sentral ng Pilipinas (BSP) approved a pilot for PHPC, a Philippine peso-backed stablecoin, in partnership with crypto wallet provider Coins.ph. The grant was approved under BSP’s Regulatory Sandbox Framework.
As part of the deal, Coins.ph will maintain cash reserves in pesos equivalent to the circulating supply of the PHPC stablecoin within the sandbox environment. The pegging of local currency aims to ease the transition of PHPC back to its physical fiat twin, the announcement said.
