Ronin Network Integrates Philippines’ First Regulated Stablecoin PHPC

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As a researcher with a background in blockchain technology and a personal interest in financial inclusion, I find the integration of PHPC stablecoin on the Ronin Network an exciting development. The Philippines, known for its dominance in Web3 gaming and its large diaspora population relying on remittances, stands to benefit significantly from this partnership between Sky Mavis’ Ronin and Coins.ph.

The Ronin Network, a sidechain developed by Sky Mavis on the Ethereum blockchain, has revealed that it will be incorporating the PHPC stablecoin into its system. This news comes following a collaboration with Coins.ph, a prominent Filipino cryptocurrency exchange, as reported 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.

Significantly, Coins.ph’s PHPC became the initial Philippine peso-pegged stablecoin granted approval by the Bangko Sentral ng Pilipinas (BSP) in May. Originally debuted on Coins.ph, its ultimate goal is to make remittances more affordable for Filipinos who heavily depend on financial support from relatives abroad. The BSP’s Regulatory Sandbox Framework will oversee the implementation of PHPC.

PHPC’s Potential

As a researcher focusing on Web3 gaming, I’ve noticed the remarkable rise of the Philippines in this space, with Axie Infinity leading the charge in late 2021. This trend-setting game has put the country on the map as a major player in the industry. Recently, an exciting development emerged: the introduction of PHPC to the Ronin blockchain. As a first-person account, I can tell you that this integration is a significant milestone for the platform. It means that PHPC is now the second stablecoin on Ronin, joining USDC. According to the announcement, this addition will bring greater financial freedom to the Philippines.

“With PHPC, you can experience swift and affordable on-chain transactions in Pesos, including peer-to-peer transfers, merchant payments, remittances, and business payments.”

As a crypto investor, I’m excited to share that the rollout of PHPC (Philippine Pesos Coin) is underway, and deposits and withdrawals are now live on both Coins.ph and Ronin Wallet. Moving forward, we hope to see PHPC/RON listed on Katana, Ronin’s decentralized exchange, which could potentially unlock new trading opportunities for investors like myself.

Ronin Token Surges

As a crypto investor, I’ve noticed an impressive 6% rise in the value of Ronin Network’s native token RON since their recent announcement, with its current price hovering around $1.77. The trading volume for RON has experienced a significant boost as well, skyrocketing by 60% within the last 24 hours based on CoinMarketCap’s data. With a market capitalization of approximately $950 million, RON reached its peak price of $4.5 back in March.

In conjunction with the latest announcement, Ronin unveils version 2.4.0 of its Mobile Wallet, compatible with iOS and Android devices. Key features in this upgrade consist of customizable RPC, gas fee, and nonce settings, empowering users to fine-tune their transactions. Furthermore, manual NFT addition and a new single-chain operational mode have been incorporated for improved user experience.

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2024-07-08 18:18