Coins.ph and Circle to Drive Awareness of USDC-Denominated Remittancesby Fintech News Philippines October 11, 2023
Coins.ph, a Philippines-based cryptocurrency exchange and digital wallet provider, has partnered with Circle Internet Financial (Circle), a global fintech firm and issuer of USDC.
The partnership aims to drive awareness of USDC-denominated remittances as a secure, low-cost and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph.
USDC is a regulated, fully-backed digital dollar, or stablecoin, that is available 24/7, moves at internet speed and is always redeemable 1:1 for U.S. dollars. Because USDC runs on global blockchains – which have low barriers to entry and minimal transaction costs – it is playing a growing role in facilitating cross-border payments and remittances worldwide.
With US$36.1 billion in remittance flows in 2022 alone, remittances continue to be a vital contributor to the Philippines’ economy. However, conventional remittance channels often involve high fees and lengthy transaction times.
The average cost of sending a US$200 remittance to the Asia region in 2022 is 5.7%, according to the World Bank.
The partnership between Coins.ph and Circle aims to improve the existing remittance landscape by driving real-time settlements and minimal transaction costs.
The initiative begins with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.
“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.
Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users’ access to innovative services that have a tangible impact on their everyday lives.”
said Coins.ph CEO Wei Zhou.
“Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive and efficient.
By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations’ Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023.”
said Raagulan Pathy, Vice President for Asia Pacific for Circle.