The Philippine central bank has approved the stablecoin PHPC pegged to the peso

ChainCatcher news, the Central Bank of the Philippines has approved a stablecoin called PHPC, which is pegged to the Philippine peso. This move aims to facilitate cost-effective remittances, supported by cash and cash equivalents from Philippine banks, and will initially be launched on the Coins.ph platform, with plans to expand to other platforms.

It is understood that PHPC will be the first retail-focused stablecoin backed by the peso, offering real-time trading around the clock.