Stable Money now works with Coins.ph’s pegged stablecoin, which makes sending money easier

Stables Money and Coins.ph have announced a new partnership to use PHPC, the stablecoin backed by the Philippine peso, for money transfers. This partnership aims to make money transfers more efficient, which shows how important the Philippine peso is to Stables Money’s business.

Since it started doing business in the Philippines in March, Stables Money has taken a big chunk of the $35 billion transfer market. The business says it now does more than a quarter of its business in Philippine pesos. With legal approval from the Bangko Sentral ng Pilipinas, PHPC went live in July. This was a strategic move to make peso transfers easier.

Coins.ph has reserves to back up PHPC, and the fact that it was accepted into the regulatory test in May shows that it could be used for safe and stable transactions. The CEO of Stables Money, Bernardo Bilotta, said that the company was committed to making the transfer process better. He also talked about how important the Philippines is as a big player in global remittances.

The relationship is also part of a larger trend of digital currencies spreading to more areas. In the past, Stables Money worked with Mastercard to make it possible for people in Europe and the Asia-Pacific area to use USD Coin (USDC).

PHPC is already making a name for itself on the Ronin network, a blockchain that is focused on games, where it trades on the Katana decentralized market. There are other peso-pegged stablecoin projects competing with PHPC in the market, including those by UnionBank and Smart Citi Teknologi. However, PHPC is showing promise.