Philippine central bank approves Coins.ph to pilot stablecoin in major remittance market

Golden Finance reported that the Philippine Central Bank has approved the digital currency exchange Coins.ph to pilot a stable currency PHPC backed by the Philippine peso. The announcement stated that the program will be subject to the Bangko Sentral ng Pilipinas regulatory sandbox framework and will be supported by cash and cash equivalents held in Coins.ph Philippines bank accounts. The pilot project will evaluate the benefits of stablecoins in “real-world applications while monitoring their impact on the existing financial ecosystem.”