What is PHPC Stablecoin?

Bittime - Stablecoins are the most frequently traded type of cryptocurrency. They serve as a store of value for users in ordinary financial transactions and on both centralized and decentralized exchanges. However, most stablecoins are tied to the US dollar, so they do not cover all relevant regions. The Philippines, which is dominant in the GameFi sector, now has a new stablecoin called PHPC from Coins.ph, giving the Philippine crypto community a tokenized version of the Philippine Peso.

Introduction to PHPC

PHPC is a stablecoin tied to the Philippine Peso, issued by Coins.ph on the Ronin network. PHPC is backed at a 1:1 ratio with the Philippine Peso in accordance with state regulatory requirements. PHPC is available to more than 18 million investors on the Coins.ph platform, allowing users to enjoy efficiency and cheaper transactions.

Wei Zhou, CEO of Coins.ph, said that it was important to make PHPC available on Ronin, the world's largest web3 gaming network, because many Filipinos and Coins.ph customers use Ronin. This partnership aims to offer a better user experience in everyday transactions.

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How Does PHPC Stablecoin Work?

PHPC is backed by physical cash, time deposits, and short-term money market instruments held at custodian banking institutions. PHPC is an ERC-20 standard token minted on the Ronin network, and can be minted by institutions or individuals depositing cash or equivalent commodities. The redemption process involves transferring PHPC to Coins.ph, which then burns the PHPC and sends the equivalent value to the client.

Use of PHPC

Decentralized Gaming

PHPC can be used to purchase in-game items or exchanged for other assets in the Ronin protocol.

Financial Payments

PHPC can be used for domestic and international financial transactions, offering a cheap and efficient alternative to traditional financial infrastructure.

Crypto Trading

PHPC can be traded on Coins.ph and on Katana DEX, a decentralized exchange on the Ronin Network.

Where is PHPC Available?

PHPC is available on Coins.ph and can be purchased using the paired crypto asset and stablecoin. Games on the Ronin Network may also integrate PHPC into their game economy. Coins.ph plans to list PHPC on Katana DEX with the PHPC/RON pair.

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Conclusion

Stablecoins like PHPC open up the crypto space for investors by providing a stable store of value. Additionally, PHPC simplifies value standardization in the crypto space and allows traders in the Philippines to take advantage of a more flexible financial structure. However, it is important to comply with regulatory requirements when interacting with these assets.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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