- Coins.ph and Circle have partnered to advance USDC payments in Philippines.
- The partnership aims to reduce costs and expedite international wire transfers.
- The initiative will educate Filipinos on sending money home using USDC.
Coins.ph, a prominent digital wallet service and cryptocurrency exchange in the Philippines, entered a strategic partnership with Circle on October 10th. This collaboration will enable Circle, the provider of the USDC stablecoin, to broaden its business activities in the Philippines.
Coins.ph and Circle have jointly declared a partnership to advance USDC payments. This initiative is expected to enable Filipinos to reduce costs associated with international wire transfers and expedite the receipt of their funds.
More User-Friendly Remittance Option
Additionally, they pointed out that, based on World Bank data, the average cost of sending a $200 payment to Asia in 2022 will be 5.7%. The Philippines Central Bank reported that in 2021, 44% of individuals aged 18 and above had no bank account, further complicating the already challenging remittance scenario.
Additionally, conventional remittance channels often involve substantial fees and extended transaction periods. This was acknowledged by Circle and Coins.ph in their collective announcement. They referenced the remarkable $36.1 billion in remittance transactions in 2022 as proof.
Coins.ph CEO Wei Zhou stated:
“Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad.”
Furthermore, the Philippines is recognized as one of the primary recipients of global remittances. The recent partnership between these companies aims to improve the existing remittance landscape in the country. The objective of this initiative is to educate overseas Filipinos on the process of sending money back home using USDC. This will be achieved through the execution of educational initiatives and community engagement activities.
