Philippine central bank approves PHPC, a stablecoin pegged to the peso

The Central Bank of the Philippines approved the Philippine Peso-pegged stablecoin PHPC, which aims to facilitate cost-effective remittances. PHPC is backed by cash and equivalents from Philippine banks and will initially be launched on the Coins.ph platform with plans to expand to other platforms. PHPC will be a peso-backed stablecoin for retail use, offering real-time transactions around the clock. (Bitcoin.com)