Coins.ph is preparing to ramp up production of stablecoins, which are digitalized money used to deliver remittances from overseas Filipinos.

The cryptocurrency exchange platform announced this after completing the experimental test or sandbox of the Bangko Sentral ng Pilipinas (BSP) on Tuesday.

Coins.ph offers PHPC stablecoins that have a real value of ₱1 per stablecoin and are fully backed with cash reserves and cash equivalents in Philippine bank accounts.

Since PHPC started undergoing the BSP-supervised sandbox in 2024, Coins.ph said the stablecoins have enabled faster, cheaper, and safer remittance transactions using the Coins.ph mobile app. The app users have increased to over 18 million.

The financial technology firm said its team is now completing other regulatory requirements under the next phase, which will allow increased minting of stablecoins.

"This achievement reflects the BSP's positive approach to digital innovation and our commitment to building compliant, user-focused financial products," said Coins.ph chief executive officer Wei Zhou.

"We look forward to working with regulators, partners, and the Filipino community to realize PHPC's full potential in modernizing how money moves in and out of the Philippines," he added.

Based on global data, the Philippines is the world's fourth-largest recipient of remittances, amounting to nearly $40 billion each year.

Using PHPC, Coins.ph said transaction costs can be reduced from 6 percent to a range of 0.1 to 0.3 percent.