Filipino crypto exchange Coins.PH has partnered with Sky Mavis to launch the Philippine Peso stablecoin, PHPC, on the Ronin blockchain. This move marks a significant step in integrating stablecoins into the gaming and financial ecosystem in the Philippines.

Sky Mavis co-founder Jeff Zirlin, commented: “The Philippines is the beating heart of web3 gaming. We are thrilled that Coins.PH has decided to launch PHPC on Ronin. With this move, Ronin is ascending beyond its original mandate as a gaming chain and entering the realm of real-world payments and merchant transactions.”

Sky Mavis Launches PHPC Stablecoin on Ronin Blockchain

What is $PHPC?

The PHPC stablecoin is fully regulated and backed by the Bangko Sentral ng Pilipinas (BSP). Coins.PH is piloting PHPC under the BSP’s Regulatory Sandbox Framework, highlighting the country's progressive stance on digital currency regulation.

Expansion of Ronin Blockchain

PHPC becomes the second stablecoin on the Ronin blockchain, following USDC. Ronin, known for its popular blockchain game Axie Infinity, aims to expand its use cases beyond gaming. The addition of PHPC facilitates easier transactions for Filipino users, enabling in-game earnings to be cashed out, transferred, or used for in-store payments.

Ronin Ecosystem 

Coins.PH User Base and Impact

Founded in 2014, Coins.PH has grown to over 18 million accounts, with 7 million monthly active users. This represents about six percent of the Philippines' total population of 116 million. The partnership with Sky Mavis and the introduction of PHPC on the Ronin blockchain is expected to help grow the web3 gaming community in the country.

Coins.PHCEO Wei Zhou emphasized the strategic importance of this launch, stating: “With the Philippines being the epicenter of web3 gaming adoption, it was important for us to make PHPC available on Ronin, the largest web3 gaming chain in the world. Many Filipinos and Coins.PH customers use Ronin, and there are a number of areas Ronin and Coins are looking to collaborate on when it comes to using PHPC for transfers, payments, trading, and more.”

How to Add PHPC to Ronin Wallet?

Final Thoughts

With PHPC deposits and withdrawals now live on both Coins.PH and the Ronin Wallet, the next step is a potential listing of the PHPC/RON trading pair on Katana, the decentralized exchange based on Ronin. This development is poised to offer greater liquidity and flexibility for users engaging with the stablecoin.

In summary, the collaboration between Coins.PH and Sky Mavis to launch the PHPC stablecoin on the Ronin blockchain is a significant milestone for the Filipino crypto and gaming communities. It demonstrates a growing synergy between digital finance and gaming, potentially setting a precedent for other regions and sectors.