Stables Money already has a chunk of the $35 billion Philippine remittance market and will upgrade service with the new stablecoin.
Philippine cryptocurrency exchange Coins.ph and Australia’s Stables Money have partnered to use Coins.ph’s Philippine peso-pegged PHPC stablecoin for remittances. The Philippine peso already makes up over a quarter of Stables Money’s send transactions.
Stables Money entered the Philippine market in March. The Philippines is the largest importer of remittances in Southeast Asia. Remittances to the country reached $34.9 billion in 2020, according to the World Bank.
PHPC was admitted to the Bangko Sentral ng Pilipinas’ regulatory sandbox in May and launched in July. It is backed by reserves held by Coins.ph. Stables Money CEO Bernardo Bilotta said:
