Circle and Coins.ph Partner to Promote USDC for Remittances in the Philippines
Global fintech firm Circle has joined forces with Coins.ph to introduce the use of USDC for remittances in the Philippines. The collaboration, announced through a press release on October 10, aims to provide a faster, more affordable, and accessible option for the 18 million Filipino users of Coins.ph and their families abroad. USDC is a stablecoin that is backed by US dollars and operates on global blockchains, facilitating near real-time and low-cost transactions. Moreover, USDC can be easily converted into local currency or other cryptocurrencies on the Coins.ph platform.
Improving Remittance Landscape in the Philippines
The Philippines is the fourth largest recipient of remittances worldwide, with $36.1 billion in remittance flows in 2022. However, traditional remittance channels often involve high fees and lengthy transaction times. The partnership between Circle and Coins.ph aims to enhance the existing remittance landscape in the country by raising awareness and promoting education about using USDC for remittances.
Circle’s Expansion Efforts in Asia-Pacific
This collaboration is part of Circle’s strategy to expand its presence and influence in the Asia-Pacific region. Circle has established partnerships with prominent firms like Crypto.com, FTX, Huobi Global, among others. Additionally, Circle recently announced its plans to go public by merging with Concord Acquisition Corp., a special purpose acquisition company (SPAC).
Hot Take: Accelerating Financial Inclusion Through USDC Remittances
Circle’s partnership with Coins.ph signifies a significant step towards accelerating financial inclusion in the Philippines. By leveraging the benefits of USDC, such as fast transactions and low costs, this collaboration aims to provide an improved remittance experience for millions of Filipinos and their loved ones abroad. With the Philippines being a major recipient of remittances, this initiative has the potential to drive positive change in the country’s financial landscape. Circle’s efforts to expand its presence in the Asia-Pacific region through strategic partnerships demonstrate its commitment to revolutionizing the way money moves globally.
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