The Ronin Network has launched PHPC, the first stablecoin pegged to the Philippine Peso. This new development marks a significant step forward for the Filipino Web3 gaming community and aims to streamline financial transactions for its users.
The Philippine’s First Stable Coin: PHPC
PHPC is an ERC-20 token pegged to the Philippine Peso, ensuring that 1 PHPC ≈ 1 PHP. This stablecoin is supported by Coins.PH, a Filipino crypto exchange regulated by the Bangko Sentral ng Pilipinas. Coins. PH backs the token’s liquidity with a reserve pool consisting of cash and other traditional financial instruments, ensuring stability and reliability for its users.
How To Add PHPC to Ronin Wallet
To add PHPC to your Ronin mobile wallet or browser extension, follow these steps:
- Open the Ronin Wallet, scroll down and click “Manage Tokens.”
- Find and tap on the “+” icon on the top right screen, then select the “Custom” tab.
- Enter the token details below:
- Token Address: 0x63c6e9f027947be84d390cfa7b2332d13b529353
- Token Symbol: PHPC
- Preferred Token Decimal: 4
- Click on “Import.”
That’s it! PHPC should now appear on your token list. Look out for further Ronin updates on when swapping becomes available.
Benefits for the Community and Broader Impact
The launch of the new stablecoin on the Ronin Network offers numerous benefits for the Axie Infinity and Ronin community in the Philippines. Players can now use their in-game earnings and funds to pay for goods and services within the country, making transactions faster and more cost-effective. This development supports peer-to-peer transfers, merchant payments, remittances, and business payments, thus enhancing economic freedom.
The Philippines remains a crucial hub for Web3 gaming, with Filipinos being some of the earliest adopters of new technology. Over 80 million Filipinos transact online using the Philippine Peso, but the existing financial infrastructure is often slow and expensive. The introduction of the token aims to address these issues by enabling fast, low-cost transactions with on-chain Pesos.
Lets go!