Philippines central bank approves Coins.ph to pilot stablecoin in key remittance market

The Philippine Central Bank has approved the digital currency exchange Coins.ph to pilot a stablecoin called PHPC backed by the Philippine peso. The announcement states that the plan will be subject to the regulatory sandbox framework of the Philippine Central Bank and will be supported by cash and cash equivalents held in Coins.ph's Philippine bank accounts. The pilot project will evaluate the benefits of stablecoins in "real-world applications while monitoring their impact on the existing financial ecosystem."