Thanks to a strategic partnership between cryptocurrency exchange Coins.ph and Australian digital payments platform Stables Money, moving money between the Philippines and Australia has become more convenient and cost-effective. This collaboration leverages PHPC, the first Philippine Peso-backed retail stablecoin, to facilitate cross-border remittances, making the process easier and cheaper for users.
More importantly, the partnership also allowed investments between the two countries to be made seamlessly.
"Recognizing the Philippines as a key player in global remittances, we expanded to deliver smooth PHP transactions. With 28.44% of our send transactions now in PHP, this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines," said Bernardo Bilotta, CEO of Stables Money.
PHPC is a stablecoin fully pegged to the Philippine Peso and backed by cash and cash equivalents in Philippine bank accounts. This peg ensures users can reliably redeem their PHPC 1:1 for Philippine pesos, providing a stable and trusted transaction medium.
With PHPC, remittances can be completed in near real-time and at a lower cost than traditional remittance methods. This collaboration aims to integrate PHPC into a larger financial ecosystem, leveraging its utility for global cross-border transactions and making it an attractive option for users.
Since its launch in July, PHPC has achieved several milestones, including integrating into the Ronin Network and Katana, a decentralized exchange (DEX) on the Ronin blockchain.
The growth in user adoption has been equally promising. "We're encouraged to see growing adoption of PHPC among our user base," said Wei Zhou, CEO of Coins.ph. "Our partnerships with Stables and Ronin underscore the vast potential of PHPC in cross-border transactions, trading and other financial activities."
Coins.ph remains committed to expanding PHPC's reach by collaborating with more exchanges, wallets, and financial institutions. With its robust backing and the trust it offers, PHPC is poised to become a cornerstone in the future of digital finance, unlocking new efficiencies in remittances, peer-to-peer transactions, trading, and beyond.
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