The Bangko Sentral ng Pilipinas (BSP) has given the green light for a pilot project involving PHPC, a stablecoin linked to the Philippine Peso, as part of its Regulatory Sandbox Framework.

Developed by Coins.ph, PHPC is designed to simplify domestic and international money transfers by offering a digital alternative to traditional banking, backed by cash reserves.

This initiative aims to assess PHPC's practical applications, including its potential for cross-border payments, trading with other digital assets, and use as collateral in decentralised finance (DeFi) applications.

The sandbox trial is crucial for ensuring PHPC's operational effectiveness, stability, and compliance with anti-money laundering (AML) standards.

If successful, the pilot could pave the way for broader adoption, transforming how users manage and transfer funds both domestically and abroad.