Philippines: Adopted BSP approval for Coins.ph PHPC stablecoin pilot

On 9 May 2024, the Bangko Sentral ng Pilipinas (BSP) approved Coins.ph to pilot the Philippine peso-backed PHPC stablecoin under its regulatory sandbox framework. The approval applies to stablecoin issuance and testing within the Philippines. It allows Coins.ph to test the PHPC stablecoin, pegged 1:1 with the Peso and backed by cash reserves, assessing its performance in domestic and cross-border payments, trading with virtual assets, and decentralised finance (DeFi) services. The pilot will be monitored by the BSP, ensuring compliance with consumer protection, data privacy, anti-money laundering/counter-financing of terrorism and other financial safeguards, with the potential for public implementation following successful evaluation.