- Coins.ph has added BTC and ETH to a strong ecosystem that already supports stablecoin-fiat settlements built on a national QR code system.
Coins.ph, a company advancing global money movement through a blend of crypto-powered settlement and established local payment networks, has announced an update to its QRPh crypto payment services, now including Bitcoin (BTC) and Ethereum (ETH). This move broadens a system that already allows users to make payments to merchants nationwide using stablecoins like USDT.
This new integration enables users to conduct transactions at an estimated 700,000 merchants across the Philippines that accept QRPh. It builds upon Coins.ph’s earlier introduction of QRPh-compatible crypto payments this year.
To transact, users simply scan the national QR code standard, which was developed by the Bangko Sentral ng Pilipinas (BSP). During checkout, crypto balances are automatically converted into Philippine pesos, eliminating the need for any manual pre-conversion steps.
The Philippines stands out as one of the leading global markets for crypto adoption, with projections suggesting over 15 million users, accounting for approximately 13.4% of its population. Coins.ph operates under the direct regulation of the BSP, holding licenses as both a Virtual Asset Service Provider and an Electronic Money Issuer.
Bitcoin and Ethereum Build on A Strong Stablecoin-Fiat Ecosystem
Stablecoins have increasingly been used for cross-border transfers, allowing recipients to hold value in digital dollars and now spend it directly across the local economy without additional conversion steps. With stablecoins at the core of the system, users can move seamlessly between fiat and digital assets within a single checkout flow.
Introducing BTC and ETH expands the variety of supported assets within this established infrastructure. All this happens while maintaining a consistent and user-friendly payment experience focused on practical, real-world application. For Filipinos, this shift hits close to home. The country ranks high in global money transfers, pulling in about 38 billion dollars each year through cross-border flows.
The QRPh system itself represents a national standard, engineered to facilitate secure and interoperable payments among various financial institutions and merchants. Its initial launch, which saw significant transaction volumes driven by USDT payments, marked a pioneering moment. It was the first instance a digital wallet in the Philippines provided direct crypto payments through a national QR code framework, seamlessly embedding stablecoins into a system already vital for everyday transactions.
