The Bangko Sentral ng Pilipinas has officially sanctioned the launch of PHPC, a stablecoin directly tied to the value of the Philippine peso.

This groundbreaking move is targeted at enhancing the remittance process, making it not only swifter but also more affordable for users.

Issued by the crypto exchange Coins.ph, PHPC is set to become the first retail-available stablecoin backed by the peso, with ambitions to capture a user base ranging from 20,000 to 30,000 within its initial month.

This initiative marks a significant step forward in utilising digital currency solutions to streamline financial transactions in the Philippines.