Coins.ph Partners with Solana to Launch PHPC Stablecoin for Faster, Low-Cost Cross-Border Transactions

Singapore, Singapore – September 21, 2024 – Coins.ph, the Philippines’ largest cryptocurrency platform serving over 18 million users, has officially announced the launch of its Philippine Peso-backed stablecoin, PHPC, on the Solana blockchain. The news, shared at Solana’s Breakpoint 2024 conference, marks a major advancement in bringing PHPC to a global audience, enabling a range of new financial applications on the high-speed Solana network.

PHPC, fully backed and regulated by the Bangko Sentral ng Pilipinas (BSP), offers users both within and beyond the Philippines a secure and stable currency for cross-border payments, decentralized finance (DeFi), and on-chain foreign exchange (FX) trading. By launching PHPC on Solana, known for its fast and low-cost transactions, Coins.ph is creating new opportunities for global users to interact with the Philippine Peso through blockchain technology.

“We’re excited to bring PHPC to Solana, a blockchain that ranks among the top in transaction volume globally and has a vibrant and growing community in the Philippines,” said Wei Zhou, CEO of Coins.ph and Coins.xyz. “This is a strategic step in our global expansion, as we work to bridge international markets with the Philippines, empowering users and developers to harness PHPC’s potential across multiple use cases.”

Expanding PHPC’s Reach Across Multiple Blockchains

With this move, PHPC will be supported on three major blockchain networks: Solana, Ronin, and Polygon. This cross-chain expansion positions PHPC as a versatile and accessible stablecoin, offering users faster transactions at a fraction of traditional financial costs. It also supports the growing demand for blockchain-based solutions in the Philippines, one of the world’s largest remittance markets.

In 2023 alone, remittances to the Philippines reached a staggering $33.5 billion. However, traditional remittance services are often slow and expensive. PHPC’s integration on Solana aims to address these issues by providing a faster, more affordable alternative for sending money across borders.

A New Frontier for On-Chain Forex Trading

The addition of PHPC to Solana also brings fresh possibilities for on-chain FX trading. Users will soon be able to trade PHPC against stablecoins such as USDC, USDT, and EURC, offering exposure to the rapidly growing Philippine economy, which recorded a 6.3% year-on-year growth in Q2 2024. This provides institutional traders and retail investors with unique access to an emerging market currency in a decentralized environment.

“We believe PHPC’s expansion into Solana will further fuel innovation and financial inclusion across the region,” Zhou added. “It’s not just about providing a stablecoin—it’s about opening up new financial ecosystems that benefit everyday users, traders, and developers alike.”

What’s Next for PHPC?

PHPC will be made available on Coins.ph’s new global exchange, Coins.xyz, and several international platforms in the coming months, increasing its liquidity and global reach. By integrating PHPC into multiple blockchain ecosystems, Coins.ph is positioning itself at the forefront of innovation, offering Filipino users and the global community a powerful, secure digital currency for various use cases.