Since the announcement by the Ronin Network on X, its native token RON has seen a notable surge of over 6%.
The Ronin Network, an Ethereum sidechain created by Sky Mavis, has announced the integration of PHPC stablecoin on its platform. This development is part of a partnership with Coins.ph, a leading Filipino crypto trading platform, as announced by Ronin.
Coins.ph supports 18 million user accounts, with 7 million monthly active users. This covers around 6% of the Philippines’ 116 million population. The exchange will maintain PHPC liquidity with a reserve pool of cash and other traditional financial instruments, ensuring the stablecoin’s stability.
Notably, PHPC is the first Philippine peso-pegged stablecoin approved by the Bangko Sentral ng Pilipinas (BSP), the country’s Central Bank, in May. It was initially launched on Coins.ph, with plans to extend its availability to other platforms for retail use. The primary aim of this stablecoin is to facilitate more affordable remittances, a crucial need in a country where many rely on overseas family members sending money back home. As per the announcement, BSP’s Regulatory Sandbox Framework will monitor PHPC’s rollout.
PHPC’s Potential
Philippines is known for its dominance in Web3 gaming, highlighted by the surge in popularity of Axie Infinity in late 2021. The integration of PHPC marks a significant milestone for the Ronin blockchain, making it the second stablecoin on the platform alongside USDC. The announcement states that this launch will bring grater financial freedom for the country. It states:
“PHPC will enable fast, low-cost transactions with on-chain Pesos. P2P transfers. Merchant payment methods, Remittances and business payments.”
Currently, the implementation of PHPC is in progress, with deposits and withdrawals now active on both Coins.ph and Ronin Wallet. Future plans include potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange.
Ronin Token Surges
Since the announcement by the Ronin Network on X, its native token RON has seen a notable surge of over 6%, currently trading around $1.77. The trading volume of RON has also spiked in the past 24 hours, increasing by 60%, according to CoinMarketCap data. Ranked as the 96th largest cryptocurrency by market cap, the token reached its all-time high of $4.5 in March.
Along with this announcement, Ronin has also launched version 2.4.0 of its Mobile Wallet for iOS and Android devices. This update includes custom RPC, gas fee, and nonce settings, providing users with greater control over their transactions. It also adds support for manual NFT addition and a new single-chain mode for streamlined usage.
next