Coins.ph, a licensed Virtual Asset Service Provider (VASP) and BSP- regulated entity, launches the PHPC - a stablecoin pegged to the Philippine Peso with a target value of 1 PHPC: 1 PHP issued through the Polygon and Ronin networks. To know more, read our PHPC Whitepaper here.
What is PHP-backed Stablecoin (PHPC)?
PHPC is a stablecoin and will be pegged to the Philippine Peso (PHP), with a target value of 1 PHPC to 1 PHP.
Who is the issuer of PHPC?
Coins.ph, a BSP regulated entity, is the issuer of PHPC. Coins.ph is a licensed Virtual Asset Service Provider (VASP) and Electronic Money Issuer (EMI).
Is PHPC regulated by BSP?
Coins.ph has received Bangko Sentral ng Pilipinas (BSP) approval to pilot a Philippine Peso backed stablecoin named PHPC. This initiative falls under the BSP's Regulatory Sandbox Framework, which is designed to enable the development and testing of emerging or new technology to deliver financial products and services in a controlled environment.
How will Coins.ph back PHPC?
PHPC would be backed by an initial PHP reserve pool pledged by Coins. PHP collateral will be 100% backed by a basket of assets consisting of cash, time deposits and short-term money market instruments.
How can I buy PHPC with PHP?
Coins.ph customers who are at least ID and Selfie verified will be able to buy, sell, or convert their PHPC tokens anytime of the day through their Coins wallet.
To purchase PHPC with your peso balance, follow the steps below:
1. On the Home tab, click the Buy/Sell button.
2. On the Buy tab, input the PHP amount you want to buy PHPC with then click Buy.
3. Press Confirm button, and the funds will be instantly converted to PHPC!
You may take note of the conversion rate at the time of your transaction provided above the Confirm button, which would be 1 PHP:1 PHPC. This is given on the confirmation screen as well.
Can I sell my PHPC back to PHP?
Yes, PHPC token holders can convert their PHPC tokens back to fiat currency (PHP) at a rate of
1 PHPC = 0.9999 PHP at any time using their Coins wallet.
To do this, just follow the steps below:
1. On the Home tab, click the Buy/Sell button.
2. On the Sell tab, input the PHPC amount you want to sell then press Sell.
3. Press Confirm button, and your PHPC is now available on your peso balance.
You may take note of the conversion rate at the time of your transaction provided above the Confirm button.
Is there a minimum or maximum amount for converting PHPC?
The following limits (in PHP value) are set per transaction of PHPC:
| Minimum amount per transaction | 0.01 |
| Maximum amount per transaction | 250,000.00 |
When can I receive my PHPC?
PHPC can be received instantly when converted. However for large transactions, turnaround time may take up to 3 hours. For these large transactions, the following schedule will be observed:
- Before 6PM - PHPC would be minted and distributed within the same day
- After 6PM - the next day, before or on 12PM
Buy/ Sell PHPC on the Coins Website
Coins.ph customers can also buy, sell, or convert their PHPC tokens anytime of the day through the Coins website.
At the Home page, click Buy or Sell Crypto and select PHPC.
What are the available PHPC pairs?
Conversion of PHPC to other currencies would be available for the following pairs:
BUY/SELL PHPC
- PHP-PHPC
CONVERT PHPC
- BTC-PHPC
- USDT-PHPC
- ETH-PHPC
How can I convert my PHPC to other cryptocurrencies?
For the pairs BTC-PHPC, USDT-PHPC and ETH-PHPC - you may proceed with the following:
1. Head to the Portfolio tab of your Coins app or the Coins website, then select your PHPC balance.
2. Click Buy/Sell PHPC. Then proceed with the Convert option.
3. On the Convert tab, select the cryptocurrency you'd like to convert and to receive from the available options.
Please be advised you'd receive the error message "Something's off" should you provide the same To and From token or should the preferred token be unavailable.
What blockchains is PHPC available on?
PHPC will be issued on the Polygon Blockchain and the Ronin Network (as of July 08).
Polygon Blockchain, a Layer 2 scaling solution for Ethereum that offers high throughput, low transaction fees, and fast confirmation times. Polygon's consensus mechanism is a fork of the proof-of-stake(Pos) algorithm, which allows consensus to be reached whenever a new block is added to the blockchain.
Ronin is a Layer 1 blockchain network created by Sky Mavis, and is optimized for near-instant transactions and negligible fees focused for gaming. Ronin uses a Delegated proof-of-stake(DPoS) algorithm. In the DPoS checkpointing mechanism, validators are responsible for checkpointing blocks on the Ronin mainnet, ensuring security and finality.
Both the Polygon and Ronin network have implemented rigorous security measures to identify and mitigate potential vulnerabilities, to prevent future attacks. Furthermore, Polygon offers reliability through its high uptime and availability, with a proven track record of maintaining network stability even during periods of high congestion or transaction volume. Meanwhile, Ronin network’s code has been fully reviewed and optimized, with security experts auditing the entire architecture.
Where can I find the contract addresses for PHPC?
You may click here to see the contract address for Polygon, and here for the Ronin contract address.
What are the obligations of Coins.ph regarding the use of PHPC?
It is the obligation of Coins.ph to fulfill the orders of PHPC users whether to buy, sell, convert, or to trade their PHPCs.
At the end of the BSP’s Sandbox Testing period, Coins.ph is obligated to reimburse the remaining PHPC in circulation. There shall be a 100% reimbursement for all PHPC still in circulation.
How do I contact Coins.ph regarding PHPC?
For users to provide feedback or raise their questions, they may contact Coins.ph through the Chat widget or Coins Support Form. A dedicated support team is available to all our users to address all inquiries, provide assistance and guidance for any PHPC-related issues and concerns.