MANILA -- Cryptocurrency exchange platform Coins.ph said it has signed a partnership to use PHPC, the first Philippine Peso-backed retail stablecoin, in cross-border remittances.

A stablecoin is a form of cryptocurrency where all of its tokens are backed 1-to-1 with a government-issued currency. Coins.ph described PHPC as fully pegged to the Philippine Peso and backed by cash and cash equivalents held in Philippine bank accounts.

"With PHPC, remittances can be done in near real-time and at a lower cost compared to traditional remittance rails," the crypto investment platform said.

Stables Money, with whom Coins.ph signed a partnership to use PHPC, said it sees the Philippines as "a key player in global remittances."

"With 28.44 percent of our send transactions now in (Philippine peso), this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines,” said Stables Money chief executive officer Bernardo Bilotta.

Coins.ph CEO Wei Zhou, meanwhile, said PHPC has huge potential in cross-border transactions. The crypto platform earlier said it is eyeing a slice of remittances as it expanded into 4 regions globally.

The company also wants to double its users by the end of the year.

Coins.ph eyes ‘40 million’ users by yearend

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