Coins.ph, a prominent cryptocurrency platform in the Philippines, is actively experimenting with a new blockchain technology that aims to reduce costs and speed up money transfers for Filipinos, especially those working overseas. The platform has joined the Arc public testnet, a blockchain network developed by a subsidiary of Circle Internet Group, known for its significant contributions to advancing digital finance solutions.
Through this initiative, Coins.ph is assessing the functionality of its Philippine peso-backed digital currency, referred to as PHPC, on the infrastructure provided by the Arc blockchain. As a stablecoin, PHPC is designed to maintain a value equivalent to one Philippine peso. By utilizing the Arc system, the company intends to streamline international money transfers and reduce the transaction fees typically charged by traditional financial institutions.
The company highlighted that this testing phase is a crucial step towards enhancing cross-border remittances, a vital financial service for millions of Filipinos employed abroad. Earlier this year, Coins.ph successfully concluded a pilot program sanctioned by the Bangko Sentral ng Pilipinas (BSP). The next stage involves obtaining regulatory approval from the BSP to expand the issuance of PHPC and facilitate larger transactions.
Wei Zhou, Chief Executive Officer of Coins.ph, elaborated that the broader goal of this project is to improve the everyday usability of PHPC for Filipino consumers. He indicated that the focus is on making remittances more efficient and affordable, thus mitigating the delays and costs often associated with traditional banking systems.
The Arc blockchain network, where the PHPC will be tested, is engineered to support the creation of next-generation financial applications. It empowers developers to devise decentralized tools and platforms that can broaden the use cases for digital assets like PHPC. Coins.ph envisions that this innovative technology could eventually enable Filipinos to save, borrow, or purchase goods and services using blockchain-based systems, thus fostering greater adoption of digital finance in the nation.
Furthermore, the Arc platform is built to host stablecoins pegged to various fiat currencies globally, facilitating advanced on-chain foreign exchange capabilities. It aims to revolutionize lending, capital markets, trade finance, and global payments, all on-chain.
Coins.ph reaffirmed its commitment to collaborating with financial regulators to ensure that all digital asset initiatives comply with national regulatory frameworks. The company recognizes the importance of adhering to the BSP”s standards while exploring innovative technologies that could redefine financial accessibility in the Philippines.
As blockchain technology continues to evolve, the pilot of PHPC on the Arc testnet signifies a noteworthy milestone for the local digital economy. If successful, this initiative could lay the groundwork for a more inclusive financial ecosystem where Filipinos, both domestically and abroad, can transfer money securely and instantly without relying on expensive intermediaries.
By participating in the Arc network, Coins.ph signals a growing trend among fintech companies to integrate blockchain-based stablecoins into mainstream financial operations. The company”s vision is in line with a global movement towards utilizing blockchain solutions to minimize friction in cross-border transactions while ensuring transparency and security.
Through its ongoing experiments with PHPC and its partnerships with regulatory bodies, Coins.ph continues to position itself at the forefront of the Philippines” evolution toward a more digital, efficient, and globally connected financial future.
