Blockchain

Coins.ph and Paxos Streamline Remittances with PayPal USD Stablecoin

Philippines’ cryptocurrency exchange Coins.ph has partnered with Paxos Trust Company, a New York-based blockchain infrastructure platform, for more efficient cross-border remittances with PayPal USD (PYUSD).

With PYUSD now available on Coins.ph, this collaboration aims to facilitate easier fund transfers for Filipinos, especially those receiving money from overseas.

PYUSD, a stablecoin pegged to the US dollar on a 1:1 ratio, leverages blockchain technology to offer reliability and speed in transactions.

To utilise PYUSD, senders transfer the stablecoin to the recipient’s Coins.ph wallet. Recipients can then convert PYUSD to Philippine pesos (PHP) and withdraw the funds through various channels, including bank transfers and over-the-counter remittance centers.

In an effort to promote this new feature, Coins.ph is waiving trading fees for PYUSD transactions initially. This move is part of the company’s strategy to encourage the adoption of digital financial solutions in the Philippines.

Wei Zhou

Wei Zhou, CEO of Coins.ph said,

“Early on, we recognised the importance of growing the adoption of USD stablecoins particularly PYUSD.The Philippines is the fourth largest remittance receiving country in the world and over 40% of these remittances come from the United States.

With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world,”

Nick Robnett

Nick Robnett, Senior Director of Customer Success at Paxos added,

“PYUSD is the safest dollar-backed stablecoin available to global institutions and consumers today.

With this regulated digital asset, CoinsPH users can now quickly and easily send US dollars at a fraction of the costs associated with traditional remittance networks.”

Paxos was one of the three entities that secured in-principle approvals from the Monetary Authority of Singapore to issue a new stablecoin backed by the US Dollar.