Philippines Embraces Financial Innovation with Stablecoin Pilot for Remittances
Monday, 13 May 2024, 15:01
Philippines Approves Stablecoin Pilot for Remittances
The BSP's pilot project for the PHPC stablecoin aims to revolutionize financial transactions by providing a secure, regulated framework to assess its potential and impact.
Philippines Bets on Peso-Linked Stablecoin
- Coins.ph develops the peso-backed stablecoin PHPC, pegged 1:1 with the Philippine Peso and backed by cash reserves, simplifying money transfers.
- The sandbox trial assesses its practical applications for cross-border payments, digital asset trading, and DeFi applications, ensuring operational stability.
- If successful, wider adoption could reshape how users manage and transfer funds, pending BSP approvals.
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