PHPC Stablecoin Arrives on Ronin Network

The Ethereum-based stablecoin PHPC has been added to the Ronin network by Coins.ph, a cryptocurrency exchange based in the Philippines. This is a big step forward for local blockchain players since it enables them to use their in-game earnings and funds for domestic real-world transactions.

On July 8, Ronin announced the incorporation of PHPC in a blog post. In the near future, Katana, a decentralized exchange on the Ronin network, will also support the stablecoin. This action intends to improve the usefulness of PHPC for the Philippine gaming community, albeit no deadline was given. The Philippines is still “one of the biggest sectors of the Axie and Ronin community,” Ronin noted, adding the advent of PHPC will give sidechain participants additional use cases.

Moreover, the integration facilitates international transactions within the gaming community. As Ronin noted, “Managers and guild leaders from other countries will also be able to send PHPC to their scholars, making it easier to transfer funds and process payouts.”

Stablecoin Backed by the Philippine Peso

The PHPC currency, created by Coins.ph, is fixed at a 1:1 ratio to the Philippine Peso. By providing PHPC with a reserve pool that is backed by cash and other conventional financial instruments, Coins.ph guarantees the stability of PHPC. Because of this support, the stablecoin’s value is assured, making it a dependable medium of exchange inside the Ronin ecosystem.

Beyond just development, Coins.ph aggressively promotes PHPC’s liquidity. Through upkeep of a reserve pool, they guarantee the stability and reliability of PHPC for users. For players that depend on PHPC for both in-game and offline transactions, this consistency is essential.