The development of a peso-backed stablecoin is one of the priorities for the Philippines central bank to boost payments and remittance flows, but commentators say it requires regulatory guidance and a clear use case to gain traction.
Eli Remolona, governor of Bangko Sentral ng Pilipinas, told The Banker the central bank is currently in the pilot stage of stablecoin development, with focus on a peso-backed stablecoin.