PHPC - a stablecoin pegged to the Philippine Peso with a target value of 1 PHPC: 1 PHP issued through the Polygon and Ronin networks, is issued by Coins.ph, a licensed Virtual Asset Service Provider (VASP) and BSP- regulated entity.
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.
To know more about this stablecoin, read Coins.ph's PHPC Whitepaper here.