Cryptocurrency exchange Coins.ph announced at Solana's Breakpoint 2024 conference that PHPC, its fully backed and central bank-regulated Philippine Peso stablecoin, will soon be supported on the Solana blockchain.
This marks a major milestone in expanding PHPC's availability and allows the Solana community to leverage PHPC for a range of use cases, including cross-border transfers, DeFi, trading on-chain foreign exchange (FX), and more. This also expands the list of stablecoins natively supported on Solana while giving Filipinos and global users access to an innovative and secure Philippine Peso stablecoin.
The move accelerates plans to make PHPC available across various wallets and platforms. As part of its ongoing expansion, PHPC will be listed on Coins.ph's newly launched global exchange, Coins.xyz, and other exchanges worldwide.
This will increase PHPC's liquidity and allow users from various markets to use the stablecoin in their financial activities.
"We're excited to bring PHPC to Solana, a blockchain that ranks among the top in transaction volume globally and has a vibrant and growing community in the Philippines," said Wei Zhou, CEO of Coins.ph and Coins.xyz. "This is a strategic step in our global expansion as we work to bridge international markets with the Philippines, empowering users and developers to harness PHPC's potential across multiple use cases."
Set to go live next quarter, the Solana integration will make PHPC available across three major blockchains: Solana, Ronin, and Polygon. The addition of Solana brings new opportunities for users to experience faster, low-cost cross-border transactions — a key advantage for the Philippines, the world's fourth-largest remittance market. In 2023, remittances to the Philippines totaled $33.5 billion, yet traditional channels remain costly and inefficient.
In addition to remittances, PHPC on Solana opens a broader range of on-chain FX pairs, such as USDC/PHPC, USDT/PHPC, and EURC/PHPC, providing traders and institutions with the opportunity to gain exposure to an emerging market currency on-chain. With the Philippines' economy growing at 6.3% year-on-year in Q2 2024, PHPC gives global market participants a unique way to tap into the country's robust economic growth.
As demand for blockchain-based remittances, stablecoins, and on-chain FX continues, PHPC's integration with Solana will be a critical driver for innovation and financial inclusion in the Philippines and beyond.
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