Codex, an Ethereum layer-two network focused on stablecoin payments, has announced a partnership with the Philippine-licensed crypto exchange PDAX.

The collaboration aims to use stablecoin technology to improve remittance flows into the Philippines.

Under the agreement, Codex will provide stablecoin swap and settlement services to PDAX. The stated goal is to make money transfers faster and more cost-efficient for overseas Filipinos sending funds home.

Codex will support stablecoin liquidity and foreign exchange through its platform, with its Codex Chain handling settlement to help streamline the cross-border remittance process.

“The US-Philippines corridor is one of the largest cross-border payment routes in the world. Stablecoins such as USDC help people send money to their families quickly and at a lower cost,” said Haonan Li, Co-Founder and Chief Executive Officer of Codex.

Li added that the company will help PDAX strengthen its stablecoin liquidity management to meet the demand for efficient remittance solutions.

Nichel Gaba, Chief Executive Officer of PDAX, said the collaboration aligns with his company’s mission to empower Filipinos with better access to financial opportunities.

He explained that by working with Codex, PDAX can enhance its remittance services, making it easier and more cost-effective for Filipinos to send money to their families.

Featured image by Who is Danny via Freepik.