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3 stablecoins pegged to the Philippine peso, from 3 issuers. Supply is read directly from the contracts DIA verified.
FX turnover share is one side of a currency trade, so all currencies' shares sum to 200% by BIS convention. Reserve and invoicing shares are only published for a handful of currencies; a dash means that source does not break PHP out individually, not that its share is zero.
Change in the DeFiLlama circulating supply of the 2 of 3 PHP coins counted here. Both endpoints come from that source, so the dollar figure is a statement about it — not about the onchain supply DIA reads from the contracts, which is a different measurement of the same bloc. Coins that appeared part-way through a window are excluded, so this is supply added by coins that existed throughout rather than by the arrival of new ones.
| Coin | Issuer | Peg | Type | Onchain supply | Chains |
|---|---|---|---|---|---|
| APACX | PHP | Crypto-backed | 281.5M PHT | ||
| Mento | PHP | Crypto-backed | 1.6M PHPm | ||
| PHPCPHPC | Coins.ph | PHP | Fiat-backed (non-USD) | 21.0K PHPC |
The Philippine peso is one of the few currencies on this map where a stablecoin has moved through a central bank supervisory process from end to end rather than launching alongside one. That makes the peso a useful case study well out of proportion to the size of its market.
Remittance demand is the underlying reason. The Philippines receives one of the largest remittance flows in the world, and a peso token that settles instantly is a plausible answer to a real cost problem rather than a speculative product looking for a use.
Sources: Coins.ph PHPC whitepaper, Coins.ph: BSP grants approval to pilot PHPC
PHPC is the coin with institutional weight behind it. Coins.ph received approval from the Bangko Sentral ng Pilipinas to pilot it and subsequently exited the sandbox, and the issuer publishes a whitepaper and a proof of reserve report rather than reserve language alone.
PHPm comes from Mento's multi currency protocol and is a different instrument wearing the same peg. Mento runs a reserve holding other issuers' fiat backed stablecoins behind its dollar and euro units, and separately a collateralised debt position system in which a currency token is borrowed against the dollar unit. When DIA read Mento's reserve dashboard on 5 August 2026, PHPm was not one of the borrowed markets, so a Mento peso is a claim on that reserve of other issuers' stablecoins rather than on pesos. PHT is the third entry and the smallest.
Because one coin here has been through supervision and the others have not, the peso is a cleaner comparison than most currencies on this map. The differences between these three are structural rather than marginal.
Sources: Coins.ph PHPC whitepaper, BitPinas: PHPC exits the BSP regulatory sandbox, Mento protocol documentation, collateralized debt positions, Mento protocol documentation, the Reserve, Mento reserve dashboard
A sandbox exit is a real supervisory milestone. It means a regulator watched a product operate under conditions and then let it out of them, which is more than most coins on this map can point to.
It is also not a reserve examination, and DIA does not let it stand in for one. Regulatory standing and reserve disclosure are recorded as separate fields throughout this map, and a coin can be properly supervised while publishing a reserve report that is well behind its stated cadence. The rating on the coin page describes what has been published about the backing and who signed it, not how the issuer is licensed.
Sources: Coins.ph: BSP grants approval to pilot PHPC, BitPinas: PHPC exits the BSP regulatory sandbox
DIA reads peso stablecoin supply from contract state on the chains it indexes. PHPC has expanded its deployments over time, so a listing that fixed on its original chain will understate it.
On the reserve side, DIA records the date on the document that actually exists. For PHPC that means noting how far the most recent published proof of reserve sits from the present, rather than repeating a cadence the issuer describes. A stated cadence is a promise. A dated document is evidence, and only the second one can be checked.
Sources: Coins.ph PHPC Proof of Reserve report, Coins.ph: PHPC launches on Ronin
Coins.ph received approval from the Bangko Sentral ng Pilipinas to pilot PHPC and subsequently exited the regulatory sandbox. That is a genuine supervisory milestone, and it is not a reserve examination, so DIA records it separately from what the issuer has published about backing.
A small field, and only one of them has been through central bank supervision. PHPC is the coin with institutional weight behind it, while PHPm comes from a multi currency protocol where the peso token is borrowed against the protocol's dollar unit rather than held against pesos. That is a structurally different instrument wearing the same peg.
The issuer publishes a proof of reserve report. DIA records the date on the document that actually exists rather than the cadence the issuer describes, because a stated cadence is a promise and a dated document is evidence. The coin page carries both the report and how current it is.