USDC Issuer Partners with Philippine Exchange to Expand Stablecoin Promotion

Circle, the creator of the USDC stablecoin, has collaborated with Coins.ph, a leading cryptocurrency exchange and digital wallet service in the Philippines, in a ground-breaking step. This strategic agreement, launched on October 10, aims to alter the way remittances are handled in the Philippines, helping the country's 18 million Coins.ph users and beyond.

The major goal of this agreement is to create awareness about USDC payments and to give Filipinos additional cost-effective and speedy cross-border money transfer choices. According to World Bank statistics, the average cost of transferring a $200 payment to Asia in 2022 would be a whopping 5.7%. This collaboration intends to drastically cut such expenses while also improving the accessibility of remittance services.

The Philippines' remittance situation is further complicated by the fact that 44% of the adult population is still unbanked, according to the Philippines Central Bank in 2021. Traditional remittance routes can include expensive fees and lengthy transaction timeframes, making it difficult for many Filipinos to transfer money to loved ones overseas.

“Remittances continue to be a vital contributor to the Philippines' economy, with an astonishing $36.1 billion in remittance flows in 2022 alone,” said Circle and Coins.ph in a joint release. The cooperation intends to solve these issues by proposing novel solutions.

The ambitious project includes educational programs and community engagement efforts aimed at providing Filipinos living overseas with the information and skills needed to use USDC for remittances. Wei Zhou, CEO of Coins.ph, expressed his excitement, saying, “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.”

This partnership couldn't have arrived at a better moment, given the rising significance of remittances in the Philippines. The Philippines is one of the world's top receivers of remittances, and the collaboration between Circle and Coins.ph is certain to have a huge effect.

Coins.ph, which was founded in 2014, has grown to become a prominent participant in the Philippine cryptocurrency exchange sector. Aside from enabling crypto trading, it also enables users to pay bills and send money via its digital wallet.

It is crucial to note that USDC is not the only stablecoin offered on the Coins.ph market. According to CoinGecko statistics, daily USDC trade volumes on Coins.ph are $44,500, accounting for nearly 13% of all daily trading in Tether, a significant competitor of stablecoin. According to CoinGecko, the exchange handles around $1 million in daily trade activity at the time of writing.

As this collaboration develops, it has the potential to change remittances in the Philippines, offering millions of Filipinos a more inexpensive, efficient, and accessible means to transfer money across borders. Stay tuned for the newest developments in the Philippine crypto scene, as this cooperation has the potential to transform the future of remittance services.