Research corridor: USDC → PHP (Philippine Peso)

> Written to the standard set by #33 — read that issue first for the expected level of detail. > **This issue is BLOCKED on Track C landing.** ## What Research whether a real Stellar-native issuer exists for PHP (Philippine Peso) tokenised as a Stellar asset, and whether Horizon path data exists before any claim is made about liquidity quality. The Philippines is one of the world's largest remittance receiving markets. Stellar has had some activity in the Philippines, but "activity" is not the same as "a usable corridor with a real issuer." ## Why it matters If a real PHP issuer exists with path data, this is one of the highest-value corridors to measure — remittance costs to the Philippines are a well-documented problem. If not, the finding is NO-MARKET. ## Which layer **Layer 1 — observable fact.** ## Where the data comes from 1. Stellar SEP-1 resolution for candidate PHP issuers 2. Horizon account lookup 3. Horizon pathfinding for USDC → PHP 4. SEP-38 endpoint check ## Acceptance criteria - [ ] At least one candidate PHP issuer identified and investigated - [ ] Issuer's `stellar.toml` checked - [ ] Horizon path data checked - [ ] SEP-38 endpoint checked - [ ] Finding written up with evidence - [ ] If NO-MARKET, stated plainly - [ ] No code changes ## Out of scope Do not change: any Go code, corridor registration, measure workflow, existing corridors.