The test aims to evaluate PHPC's real-world performance, its impact on the local fiat ecosystem, and its potential uses including payments, trading, and DeFi applications.
Bangko Sentral ng Pilipinas approved a pilot for PHPC, a Philippine Peso-backed stablecoin, in partnership with crypto wallet provider Coins.ph. The grant was “PHPC’s potential uses include domestic and cross-border payments, trading with other virtual assets, hedging against market volatility, and providing collateral and liquidity in DeFi applications.”
Local regulations suggest that the testing duration can range from three to 12 months from the pilot go-live date, depending on the project’s complexity. It is important to note that no official deadline was revealed when announcing the stablecoin experiment.UnionBank launched a payments-focused stablecoin
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