Philippine Remittance Market Sees New Growth with Peso-Pegged Stablecoin

The Philippine cryptocurrency exchange Coins.ph has partnered with Australia's Stables Money to enhance remittance services using the peso-pegged PHPC stablecoin.

The collaboration leverages the growing remittance market, where the Philippine peso now accounts for over a quarter of Stables Money's send transactions.

Stables Money's Expansion into the Philippines

Stables Money entered the Philippine market in March, recognising the nation as Southeast Asia's largest remittance recipient.

With remittances to the country reaching $34.9 billion in 2020, the potential for stablecoins in this space is significant.

PHPC, which was launched in July after being admitted to the Bangko Sentral ng Pilipinas' regulatory sandbox, is backed by reserves held by Coins.ph.

The company's CEO, Bernardo Bilotta, noted that 28.44% of their send transactions are now in PHP, emphasising the strategic importance of the Philippine market.

related reading：Hong Kong Selects Three for Stablecoin Issuers Sandbox，China's top e-commerce company is one of them

Previous Peso Stablecoin Attempts

While PHPC is gaining traction, the Philippine remittance market has seen several previous attempts to launch peso-pegged stablecoins.

UnionBank launched a similar stablecoin in 2019, but it failed to gain momentum.

In 2022, UnionDigital Bank tried again, but without success.

related reading：The Philippines further increases the circulation of cryptocurrency and will support USDT to pay social security payments

UnionBank subsidiary UBX also introduced a peso-pegged stablecoin in March on the Polygon network, though its current status is unclear.

Smart Citi Teknologi, in partnership with Hong Kong's Xtreme Business Enterprises and Coinllectibles, announced plans to launch another peso-pegged stablecoin in May 2023, but details remain sparse.

Continued Stablecoin Integration in Gaming

PHPC has also expanded into the gaming sector, launching on the Ronin network and being traded on the Katana decentralised exchange.

Despite only $3,430 in trading within 24 hours, the stablecoin's involvement in gaming highlights its versatility.