The Philippine central bank has approved the PHPC, a stablecoin pegged to the peso
The Central Bank of the Philippines has approved a stablecoin called PHPC, which is pegged to the Philippine peso and aims to promote cost-effective remittances. It is backed by cash and equivalents held by Philippine banks and will initially be launched on the Coins.ph platform, with plans to expand to other platforms. PHPC will be the first retail stablecoin backed by the peso and will offer real-time trading 24/7.
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