PHPA is a 100% PHP-backed stablecoin built on EVM-compatible blockchain rails. It settles payments for the global OFW community and powers consumer products such as Kapwa Wallet and PawnDesk — without requiring anyone to touch a wallet directly.
PHPA is a stablecoin pegged 1:1 to the Philippine peso, issued by Axelion and held fully in PHP-denominated reserves. It is built on OpenZeppelin 5.x and is non-upgradeable by design — once deployed, the contract logic cannot be altered.
PHPA is not tied to a single remittance corridor. It is designed as a global settlement layer for the Philippine peso, usable by any OFW, partner institution, or developer building on EVM-compatible chains, regardless of where senders or recipients are located.
Custody of underlying reserves is provided by Fireblocks using MPC-based infrastructure. Identity verification across PHPA-powered products is handled by Sumsub.
Two consumer products currently run on PHPA: Kapwa Wallet, a remittance app where PHPA operates invisibly, and PawnDesk, a crypto-collateralized lending platform.
PHPA's reserves are the centerpiece of the project, not a footnote. Once live, this panel reflects circulating supply against reserves held, updated to each independent attestation. Pre-launch, it shows the target structure and the controls already in place.
A third-party provider will publish periodic reports confirming reserves match circulating supply.
Reserves are held entirely in PHP-denominated assets. No Bitcoin, no other cryptocurrencies, no US Treasuries.
Reserves are held with Fireblocks-secured MPC infrastructure, separate from operating funds.
Developed in alignment with BSP's VASP framework, ahead of formal pre-consultation outcomes.
Pre-consultationPHPA.sol is complete on OpenZeppelin 5.x. Independent auditor selection underway.
In progressThird-party provider to issue periodic reserve reports matching supply.
Provider selectionReserves held with Fireblocks MPC infrastructure.
ConfirmedPHPA.sol contains no admin keys for upgrading contract logic. This is a deliberate architectural commitment, not an oversight — the trade-offs are stated plainly below.
Once deployed, PHPA.sol's core logic is fixed permanently. No party — including Axelion — can alter how the contract behaves after launch.
It removes a class of risk tied to admin-key compromise or unilateral logic changes — a common point of scrutiny for institutional counterparties evaluating stablecoin infrastructure.
Any future protocol-level change requires a new contract deployment and migration path, communicated in advance through this site and the technical documentation.
Reference details for builders evaluating PHPA as settlement infrastructure. Items marked pending update as final selections are confirmed.
This section is informational and reflects the current status of PHPA's engagement with regulatory processes. It updates as milestones are reached.
PHPA's white paper (v1.8) is complete and held pending the outcome of pre-consultation with the Bangko Sentral ng Pilipinas.
In progressAn independent provider is being engaged to issue periodic reserve reports, in line with practices at other regulated PHP and SGD stablecoin issuers.
Provider selection in progressAn external auditor will review PHPA.sol prior to mainnet deployment. The completed report publishes on this page.
Auditor selection in progressPHPA is the settlement layer underneath consumer-facing products. To end users, PHPA is invisible — the products below are built around remittance and lending, with PHPA operating as infrastructure underneath.
A consumer remittance app for the global OFW community. PHPA settles transfers in the background; users see only familiar peso amounts, with no crypto terminology surfaced.
A crypto-collateralized lending platform issuing loans denominated in PHPA, letting borrowers access PHP liquidity against digital asset collateral.
The complete technical and economic specification for PHPA — reserve methodology, contract architecture, and governance structure. Currently held pending the outcome of BSP pre-consultation.
Questions about PHPA, partnership opportunities, or integrating with our products? Send us a message and the team will get back to you.