Locally licensed Virtual Asset Service Provider (VASP) Coins.ph announced that its Philippine Peso-backed stablecoin, $PHPC, has officially exited the Bangko Sentral ng Pilipinas (BSP) Regulatory Sandbox Framework, with all remaining $PHPC fully redeemable.
$PHPC Meets BSP’s Standards
In a statement, Coins.ph shared that $PHPC exited the Regulatory Sandbox Framework because the stablecoin not just met, but exceeded, the BSP’s key performance indicators within just two months of testing by demonstrating strong demand and use cases.
It should be remembered that in 2024, the sandbox pilot for $PHPC was implemented to assess the stability, security, and utility of the asset.
For Coins.ph, the exit is a key milestone in the country’s digital asset landscape and enables the stablecoin’s expanded use across remittances and cross-border transactions.
Accordingly, with regulatory restrictions now lifted, Coins.ph is set to increase $PHPC’s minting capacity to support higher transaction volumes. The VASP also noted that the expansion will unlock the stablecoin’s broader utility in the country’s financial ecosystem.
“Exiting the BSP regulatory sandbox represents a pivotal moment for PHPC and the broader adoption of digital currencies in the Philippines… We can now unlock PHPC’s full potential, particularly in areas where Filipinos need it most—remittances and cross-border transactions.”
Wei Zhou, Chief Executive Officer, Coins.ph
Looking Forward
Coins.ph expressed its commitment to regulatory compliance as part of the sandbox exit process.
This includes maintaining transparency through public disclosure of $PHPC holders, ongoing progress reports to the BSP, and third-party audits covering proof of reserves, smart contract security, and vulnerability assessments.
Coins.ph emphasized that $PHPC is expected to address inefficiencies in the country’s multi-billion-dollar remittance market by reducing processing times from days to minutes and lowering costs by eliminating traditional banking intermediaries.
“We look forward to working with regulators, partners, and the Filipino community to realize PHPC’s full potential in modernizing how money moves in and out of the Philippines.”
Wei Zhou, Chief Executive Officer, Coins.ph
What is the BSP Regulatory Sandbox Framework
The central bank established the Regulatory Sandbox Framework as a controlled environment for testing new financial products and technologies under regulatory oversight. It allows firms to trial innovations from emerging technologies, like blockchain and AI, in real-world conditions while ensuring consumer protection and financial stability.
Originally introduced as a “test-and-learn” approach in 2004, the sandbox was formalized in 2022. It follows a four-stage process: application, evaluation, testing with limited users, and exit, where the BSP decides if the product is ready for wider use or needs further review.
What is $PHPC?
$PHPC is a Philippine Peso-backed stablecoin developed by Coins.ph. The VASP received approval from the BSP to launch it last year. Also in 2024, the stablecoin was launched on the Ronin Blockchain and the Solana Blockchain.
According to Coins.ph, it is designed to streamline digital payments and enhance financial accessibility; $PHPC is designed to enable users to deposit, withdraw, and transact through the platform while benefiting from faster, cost-effective, and secure transfers. It is fully collateralized by cash and cash equivalents held in Philippine bank accounts.
Recent Coins.ph News
Recently, Coins.ph partnered with electronic money issuer Pays0 to enable direct Philippine Peso-to-crypto conversions, aiming to bridge traditional finance and digital assets.
- The collaboration integrates Coins.ph’s blockchain-powered solutions into Pays0’s platform, offering faster, more secure, and cost-effective transactions using stablecoins like $USDT.
Last April, the company joined the launch of the Circle Payments Network (CPN), a global platform by $USDC issuer Circle aimed at improving cross-border remittances.
- Coins.ph pledged to help enable faster, cheaper, and more transparent overseas money transfers using regulated stablecoins such as $USDC.
This article is published on BitPinas: Coins.ph’s $PHPC Stablecoin Exits BSP Sandbox
What else is happening in Crypto Philippines and beyond?
