Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
FX-derived, not a market price
Chains
Holders on Ronin
PHPC is a PHP stablecoin issued by Coins.ph, launched in Jul 2024.
PHPC is a Philippine peso stablecoin issued by Betur, Inc., trading as Coins.ph, which the Bangko Sentral ng Pilipinas lists as a Virtual Asset Service Provider. The BSP Electronic Money Issuer licence used under the Coins.ph name is held by DCPay Philippines, Inc. PHPC launched in 2024 under a BSP sandbox approval, is issued on the Polygon and Ronin networks, and left the sandbox in June 2025 with its minting cap lifted.
Sources: BSP: List of Virtual Asset Service Providers (as of 15 July 2026), BSP: List of supervised Electronic Money Issuers (as of 31 May 2026), Coins.ph legal: User Agreement, Coins.ph PHPC Proof of Reserve report, as of 31 May 2025, Coins.ph: BSP grants approval to pilot PHPC, Coins.ph help centre, networks PHPC is available on, Coins.ph: PHPC readies to exit the regulatory sandbox (10 June 2025)
211.7K PHPC in circulation across 2 chains; Ronin carries 90.1%.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across PHPC’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
211.7K PHPC (US$3.3K)
Ronin 90.1% · other chains 9.9%
Ronin190.7K PHPC · 90.1%
Polygon21.0K PHPC · 9.9%Supply growth
Counted on Ronin.
Source: GeckoTerminal.
416holders on Ronin
Where PHPC is supplied in DeFi lending markets and what it earns there.
Coins.ph positions PHPC for remittances and cross-border transfers, peer to peer payments, merchant settlement and business transactions. The Ronin deployment adds conversion of in-game earnings, and at launch Coins.ph named a planned PHPC/RON listing on Katana, the decentralised exchange on the Ronin blockchain.
Conversion runs in both directions on the Coins.ph platform for users who have completed identity and selfie verification, from 0.01 PHP to 250,000 PHP per transaction.
Sources: Coins.ph: PHPC launches on Ronin, Coins.ph: PHPC readies to exit the regulatory sandbox (10 June 2025), Coins.ph help centre, converting PHP to PHPC (last edited 6 December 2024)
PHPC is designed to be backed by cash and money-market assets.
The whitepaper commits peso collateral to "100% backed by a basket of assets consisting of cash, time deposits and short-term money market instruments" and promises "periodic Proof-of-Reserves". Coins.ph has published reserve reports as of 31 October 2024, 31 December 2024, 28 February 2025, 31 March 2025 and 31 May 2025. Each puts the fair value of reserve assets above the 100,000,000 PHPC then in circulation, held in unencumbered savings accounts at UnionBank and Security Bank that the reports describe as segregated from other Coins accounts and dedicated to PHPC holders. The report as of 31 May 2025 shows PHP 100,133,554.30 against 100,000,000 PHPC. The attested composition is narrower than the basket the whitepaper describes. On every report date the reserve was bank deposits, with no time deposits or money market instruments in the schedule.
The reports are titled Proof of Reserve attestations and their opinion sections are headed Internal Audit Report. They were performed by the Coins.ph Internal Audit Department under the Institute of Internal Auditors' Global Internal Audit Standards and signed by the company's Chief Audit Executive, with the management assertion signed by the CEO. No external accounting firm appears in any of them. That is an internal control and a different instrument from a third-party attestation.
The reports describe a sandbox-era state, taken when circulation sat at the 100 million unit cap the BSP approval imposed. The sandbox exit lifted that cap.
Sources: Coins.ph PHPC whitepaper, Coins.ph PHPC Proof of Reserve report, as of 31 October 2024, Coins.ph PHPC Proof of Reserve report, as of 31 December 2024, Coins.ph PHPC Proof of Reserve report, as of 28 February 2025, Coins.ph PHPC Proof of Reserve report, as of 31 March 2025, Coins.ph PHPC Proof of Reserve report, as of 31 May 2025, Coins.ph: PHPC readies to exit the regulatory sandbox (10 June 2025)
Ronin0x87a25dc1…372cf69aaddBlackList(address), removeBlackList(address) +2destroyBlackFunds(address)paused()mint(uint256)0x63c6e9f0…3b529353addBlackList(address), removeBlackList(address) +2destroyBlackFunds(address)paused()mint(uint256)Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · wipe · pause · mint
Who licenses PHPC's issuer and how its reserves are reported.
Betur, Inc., trading as Coins.ph, appears on the BSP list of Virtual Asset Service Providers. The BSP Electronic Money Issuer licence used under the Coins.ph name is held by DCPay Philippines, Inc., which the Coins.ph user agreement names alongside Betur, Inc. as a provider of its services. PHPC entered the BSP Regulatory Sandbox Framework in 2024 under an approval that capped aggregate circulation at 100 million units, and exited in June 2025 after meeting the sandbox KPIs within two months of the pilot's start. Coins.ph's exit announcement lists the requirements it continues to maintain: public disclosure of PHPC holders, regular progress reporting to the BSP, and independent third-party audits covering proof of reserves, smart contract security and system vulnerability.
The issuer's own live surfaces have not caught up. The whitepaper and the help centre article on converting PHP to PHPC both still present PHPC as operating inside the sandbox, and both still carry the obligation to reimburse circulating PHPC when the testing period ends, the help centre page as last edited on 6 December 2024. A reader starting from the issuer's documentation would conclude PHPC is still a pilot.
Sources: BSP: List of Virtual Asset Service Providers (as of 15 July 2026), BSP: List of supervised Electronic Money Issuers (as of 31 May 2026), Coins.ph legal: User Agreement, Coins.ph: BSP grants approval to pilot PHPC, Coins.ph PHPC Proof of Reserve report, as of 31 May 2025, Coins.ph: PHPC readies to exit the regulatory sandbox (10 June 2025), Coins.ph PHPC whitepaper, Coins.ph help centre, converting PHP to PHPC (last edited 6 December 2024)
Reserve attestation cadence
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
Registration onlylicence tier of Coins.ph
The sharpest gap on PHPC is between the commitments listed at sandbox exit and the artefacts on the public record. Independent third-party audits of proof of reserves are among the requirements Coins.ph says it continues to maintain. The published reserve reports were all produced by the issuer's own internal audit function.
Reserve concentration is nameable rather than hypothetical. On every published report the whole reserve sat in savings accounts at two Philippine banks, close to 70% at UnionBank and the balance at Security Bank.
Redemption is live on the Coins.ph platform: the help centre states that ID and selfie verified users can buy, sell or convert PHPC at any time through their Coins wallet. The transparency record is a set of dated snapshots, the most recent as of 31 May 2025, so the backing claim for every month since is issuer-stated.
Sources: Coins.ph: PHPC readies to exit the regulatory sandbox (10 June 2025), Coins.ph PHPC Proof of Reserve report, as of 31 October 2024, Coins.ph PHPC Proof of Reserve report, as of 31 December 2024, Coins.ph PHPC Proof of Reserve report, as of 28 February 2025, Coins.ph PHPC Proof of Reserve report, as of 31 March 2025, Coins.ph PHPC Proof of Reserve report, as of 31 May 2025, Coins.ph help centre, converting PHP to PHPC (last edited 6 December 2024)
PHPC is issued by Betur, Inc., trading as Coins.ph, which the Bangko Sentral ng Pilipinas lists as a Virtual Asset Service Provider. The BSP Electronic Money Issuer licence used under the Coins.ph name is held by DCPay Philippines, Inc.
Not by an external firm on the public record. The published reserve reports, the most recent as of 31 May 2025, were performed by the Coins.ph Internal Audit Department under the Institute of Internal Auditors' standards and signed by the company's own Chief Audit Executive.
The whitepaper commits to full backing by cash, time deposits and short-term money market instruments. Reserve reports as of 31 October 2024 through 31 May 2025 each put reserve fair value above the 100,000,000 PHPC then in circulation, held entirely in savings accounts at UnionBank and Security Bank. The most recent report is as of 31 May 2025.
No. PHPC exited the BSP Regulatory Sandbox Framework in June 2025 and the 100 million unit cap was lifted. The issuer's own whitepaper and help centre still describe it as a pilot, the help centre as last edited on 6 December 2024, so issuer documentation alone would give a reader the wrong answer.
PHPC supply can be read from its token contracts on Polygon (0x87a25dc121Db52369F4a9971F664Ae5e372CF69A) and Ronin (0x63c6e9f027947be84d390cfa7b2332d13b529353), the addresses Coins.ph lists in its help centre. PHPC has no row in the DeFiLlama stablecoins dataset.
43 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Counted on Polygon on 2 Oct 2026. That day is left out, so the line shows Ronin only.
Source: GeckoTerminal, Ronin Updated