Coins.ph gets approval for Philippines’ first stablecoin, PHPC

MANILA, Philippines – Local cryptocurrency exchange Coins.ph has obtained approval to issue the Philippines’ first stablecoin, called “PHPC.”

As a stablecoin, PHPC will be pegged 1:1 to the Philippine peso. This means that users of the token are not subjected to the volatile swings in market value that other cryptocurrencies like Bitcoin experience.

According to Coins.ph, PHPC is fully backed by cash and cash equivalents stored in local bank accounts. Once it launches, PHPC...