- Coins.ph partners with Circle to promote USDC remittances for Filipino users.
- USDC, a stablecoin, aims to enhance cross-border payments in the Philippines.
- The collaboration will reduce costs and improve financial inclusion for 18 million users.
Coins.ph, the Philippines’ premier crypto exchange and digital wallet provider, has announced a strategic partnership with Circle Internet Financial (Circle). The latter is a global fintech company and issuer of USDC.
Circle aims to promote USDC-denominated remittances as a secure, cost-effective, and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph.
In detail, USDC is a regulated, fully-backed digital dollar, or stablecoin, available 24/7, designed for fast online transactions and always redeemable at a 1:1 ratio for U.S. dollars. As USDC operates on global blockchains with minimal transaction costs, it is increasingly playing a crucial role in facilitating cross-border payments and remittances worldwide.
In 2022, remittance flows in the Philippines reached an astounding $36.1 billion, as reported by the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines). Despite the crucial role remittances play in the country’s economy, traditional remittance channels often entail high fees and lengthy transaction times.
According to the World Bank, the average cost of sending a $200 remittance to the Asia region in 2022 was 5.7%. In the Philippines, the challenge is even more significant for the unbanked, comprising 44% of the adult population in 2021, as per the central bank.
Coins.ph and Circle’s partnership aims to revolutionize the remittance landscape by enabling real-time settlements and minimal transaction costs, starting in the Philippines, the fourth-largest global recipient of remittances. The initiative begins with educational campaigns and community engagement to help Filipinos abroad embrace USDC for remittances.
USDC’s reputation as a trusted stablecoin extends worldwide, with applications ranging from humanitarian aid and e-commerce to cross-border transactions and integral roles in decentralized finance (DeFi) platforms.
This partnership not only showcases the tangible impact of digital currencies on millions of lives but also demonstrates the shared vision of both companies for a more inclusive financial future.
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