The USDC stablecoin issuer Circle seals a strategic partnership with the Philippines’ leading cryptocurrency exchange and wallet provider, Coins.ph. The partnership caters to the Coins.ph users offering them an additional transaction route using USDC.
The Philippines is recognized as the fourth largest recipient of remittances globally, according to the partnership release. The country recorded $36.1 billion in remittance flows in 2022 According to the Central Bank of the Philippines, this indicates that remittances are a vital contributor to the Philippines’ economy. However, its key challenges are high transaction costs and slow settlement time.
Circle is introducing USDC to approximately 18 million Filipino users on Coins.ph, aiming to raise awareness about USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers.. This move for the Philippines would bring about an improvement to its existing remittance landscape.
The initiative includes educational campaigns and community engagement efforts to educate Filipinos abroad on using USDC for remittances.
Wei Zhou, CEO of Coins.ph, stated that the partnership showcases the use case of USDC in remittances and demonstrates Coins.ph’s commitment to providing users with access to innovative services that have a tangible impact on their everyday lives.
Raagulan Pathy, Vice President of Asia Pacific for Circle, emphasized that USDC’s innovative solution in remittance supports the United Nations’ Sustainable Development Goal of reducing the transaction cost of migrant remittances to less than 3% by 2023. He added that the partnership would increase economic opportunities in the Philippines.
The CEO of Coins.ph disclosed that the company aims to expand into more Southeast Asian markets and anticipates further collaboration with Circle to foster a more inclusive financial future “remains determined to facilitate greater access to financial services and dismantle traditional barriers,” the CEO said.
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